By Sheri Kasprzak
Atlanta, Feb. 11 - Mainstreet Equity Corp. said it has closed a private placement for C$33 million.
The company sold 7.25% seven-year convertible debentures, which are convertible into common shares at C$6.25 each.
In other news, Mainstreet said its assets grew to $176 million from $142 million at the end of the fourth quarter on Dec. 31. The company currently has $28 million in cash on its balance sheet to pursue acquisition opportunities.
The company also said it retired a $1 million debenture with a 10% interest rate during the fourth quarter to reduce its cost of capital.
Based in Calgary, Alta., Mainstreet is a real-estate company focused on acquisition, redevelopment, repositioning and mid-market multifamily residential management. The proceeds of the private placement will be used to fund acquisitions and improve newly acquired properties.
| Issuer: | Mainstreet Equity Corp.
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| Issue: | Convertible debentures
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| Amount: | C$33 million
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| Maturity: | Seven years
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| Coupon: | 7.25%
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| Price: | Par
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| Yield: | 7.25%
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| Conversion price: | C$6.25
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| Warrants: | No
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| Settlement date: | Feb. 11
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| Stock price: | C$4.60 at close Feb. 11
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