Huntingdon greenshoe increases convertible units sale to C$46 million

By Susanna Moon

Chicago, Nov. 14 - Huntingdon Real Estate Investment Trust said agents fully exercised the over-allotment option on its short-form prospectus offering of 7.5% convertible note units, bringing the total deal size to C$46 million.

The REIT said on Nov. 3 that it would conduct a C$40 million short-form prospectus offering of units through Canaccord Genuity Corp. and RBC Dominion Securities Inc. with a C$6 million greenshoe.

The company sold 46,000 units of one 7.5% convertible debenture and 28 warrants at C$1,000 each, including the greenshoe for 6,000 units. The debentures are due Dec. 31, 2016.

The warrants are exercisable for trust units at C$9.00 until Dec. 31, 2016. The strike price is a 20.64% premium to the Nov. 2 closing price of C$7.46.

Proceeds will be used to redeem the trust's 7.5% series C convertible subordinated debentures and for general working capital purposes.

Based in Winnipeg, Man., Huntingdon is a real estate investment trust focused on commercial and industrial properties.

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