By Rebecca Melvin
New York, Dec. 10 - InnVest Real Estate Investment Trust priced C$50 million of six-year convertible debentures on a bought-deal basis at par to yield 6.75% with an initial conversion premium of 19%, the company said Thursday.
The issue will be offered by way of a short form prospectus in each of the Canadian provinces.
The deal was made via a syndicate of underwriters co-led by RBC Capital Markets and Scotia Capital Inc. as bookrunners.
The initial conversion price is C$5.70 per trust unit.
Proceeds will be used to repay debt and for general trust purposes.
The offer is expected to close on Dec. 31, subject to regulatory approval.
InnVest is a Toronto-based holder of hotel real estate.
| Issuer: | InnVest Real Estate Investment Trust
|
| Issue: | Convertible unsecured subordinated debentures
|
| Amount: | C$50 million
|
| Maturity: | March 31, 2016
|
| Bookrunners: | RBC Capital Markets, Scotia Capital Inc.
|
| Coupon: | 6.75%
|
| Price: | Par, C$1,000
|
| Yield: | 6.75%
|
| Conversion premium: | 19%
|
| Conversion price: | C$5.70 per trust unit
|
| Pricing date: | Dec. 10
|
| Settlement date: | Dec. 31
|
| Distribution: | Short form prospectus
|
| Stock listing: | Toronto: INN.UN
|
| Stock reference: | C$4.79
|
| Market capitalization: | C$418.67 million
|
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