Temple Hotels resumes issuer bids to purchase four convertible series

By Susanna Moon

Chicago, Feb. 26 – Temple Hotels Inc. said it renewed its normal course issuer bids to purchase 10% of the public float of four series of convertible notes.

This time, the one-year issuer bids will run from March 1 to Feb. 28, 2017, according to a company notice.

Under the issuer bids, the company is offering to repurchase at market prices up to

• C$2,192,200 principal amount of series C convertible unsecured subordinated debentures;

• C$3,313,700 series D convertible unsecured subordinated debentures;

• C$4,404,000 series E convertible unsecured subordinated debentures; and

• C$3,359,400 series F convertible unsecured subordinated debentures.

The average daily trading volume for the 12 months ended Jan. 31 was C$31,370.94 principal amount of series C debentures; $23,419.35 principal amount of series D debentures; $28,346.77 principal amount of series E debentures; and $40,983.87 principal amount of series F debentures.

Under the issuer bids, the maximum number of securities that Temple may purchase on a daily basis, other than block purchase exemptions, is $7,842 of series C debentures; $5,854 of series D debentures; $7,086 of series E debentures; and $10,245 of series F debentures.

Under the issuer bids for the 12-month period ended Jan. 31, Temple said it purchased $192,000 principal amount of series C debentures at a weighted average price of $94.82 per $100 principal amount; $154,000 principal amount of series D debentures at a weighted average price of $81.99 per $100 principal amount; $253,000 principal amount of series E debentures at a weighted average price of $77.83 per $100 principal amount; and $1,717,000 principal amount of series F debentures at a weighted average price of $74.19 per $100 principal amount pursuant.

Temple is a real estate investment company based in Winnipeg, Man.

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