New York, May 20 - Dundee REIT said it priced C$75 million of 6.5% 10-year convertible unsecured subordinated debentures with a 10.6% initial conversion premium.
TD Securities Inc. and Scotia Capital Inc. were lead managers of the bought deal financing.
The securities were not registered for sale in the United States.
The offering has an C$11.25 million greenshoe.
The Toronto-based office and industrial real estate investment trust will use proceeds for general trust purposes including possible future acquisitions.
| Issuer: | Dundee REIT
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| Issue: | Convertible unsecured subordinated debentures
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| Amount: | C$75 million
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| Greenshoe: | C$11.25 million
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| Maturity: | June 30, 2014
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| Coupon: | 6.5%
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| Initial conversion premium: | 10.6%
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| Conversion price: | C$25.00
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| Call: | June 30, 2010 onwards at par
|
| Provision call: | June 30, 2008 onwards subject to 125% hurdle
|
| Pricing date: | May 19, after the close
|
| Settlement date: | June 21
|
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