By Sheri Kasprzak
New York, July 27 - Killam Properties Inc. is gearing up to raise another C$10 million in a private placement of convertible debentures.
The latest offering is from the exercise of an option to buy additional debentures from the original offering settled in January.
The 6.33% debentures mature in seven years and are convertible into common shares at C$3.06 each.
In January, the company sold C$5 million in debentures with a coupon of 5.92% and later sold another C$5 million in the debentures as part of an option to raise up to C$20 million in the offering. The company has raised a total of C$20 million and the deal is now closed.
Proceeds will be used to reduce a bridge facility incurred during an acquisition.
Killam, based in Halifax, N.S., is a real estate company that manages multi-family residential rental properties.
| Issuer: | Killam Properties Inc.
|
| Issue: | Convertible debentures
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| Amount: | C$10 million
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| Maturity: | Seven years
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| Coupon: | 6.33%
|
| Price: | Par
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| Yield: | 6.33%
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| Conversion price: | C$3.06
|
| Warrants: | No
|
| Settlement date: | July 27
|
| Stock symbol: | Toronto: KMP
|
| Stock price: | C$2.45 at close July 26
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