KEYreit offers to buy back convertibles series after change of control

By Toni Weeks

San Luis Obispo, Calif., May 22 - KEYreit announced it is offering to repurchase its 7.75% convertible unsecured subordinated debentures due Dec. 31, 2014, 8% convertible unsecured debentures due Dec. 31, 2016 and 7% convertible unsecured debentures due Dec. 31, 2017, according to a press release.

The company will repurchase the securities at 101 plus accrued interest.

The offer, which expires June 28 at 5 p.m. ET, is being made as a result of the change of control caused by the acquisition of 13,288,370 units of KEYreit by Plazacorp Retail Properties Ltd.

According to the release, debentures that, by election of their owners, are not repurchased will become obligations of Plazacorp.

Toronto-based KEYreit, formerly known as Scott's Real Estate Investment Trust, is a small-box retail property owner.

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