Killam Properties greenshoe lifts 5.45% convertibles to C$46 million

By Melissa Kory

Cleveland, June 2 - Killam Properties Inc. announced that underwriters exercised the over-allotment option for its 5.45% convertible subordinated debentures due June 30, 2018, lifting the offering to C$46 million.

Killam priced C$40 million of the seven-year convertibles in a bought deal on May 11 at par to yield 5.45% with an initial conversion premium of 35%.

The deal was completed via a syndicate of underwriters led by RBC Capital Markets and including BMO Nesbitt Burns Inc., CIBC World Markets Inc., Scotia Capital Inc., TD Securities Inc., Canaccord Genuity Corp., Dundee Securities Ltd., Macquarie Capital Markets Canada Ltd., Beacon Securities Limited, Brookfield Financial Corp. and GMP Securities LP.

Killam intends to use the proceeds to fund future property acquisitions, including partially funding the recently announced six building, 310-unit apartment portfolio in Fredericton, N.B., and development activities, to repay debt and for general corporate purposes.

Killam is a real estate company based in Halifax, N.S.

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