| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers T > Headlines for Tenders 2008 > News item |
Royal Host to start normal course issuer bid for 6%, 6.25% and 5.9% convertibles
By Jennifer Chiou
New York, Sept. 8 - Royal Host REIT announced a normal course issuer bid for its 6% convertible unsecured subordinated debentures due Oct. 31, 2015, 6.25% convertible unsecured subordinated debentures with a maturity date of Sept. 30, 2013 and 5.9% convertible unsecured subordinated debentures due June 30, 2014.
Royal Host intends to purchase for cancellation up to C$5.48 million of its C$54,798,000 of 6% debentures, amounting to about 10% of Royal Host's public float outstanding amount.
The company added that it plans to purchase for cancellation up to C$5,888,000, or 10%, of its C$58,887,000 of 6.25% debentures as well as up to C$6 million of its C$60 million of 5.9% debentures.
Royal Host said it will pay the prevailing market price of each of the debentures on the TSX.
The bid begins on Sept. 10 and will terminate on Sept. 9, 2009.
The company said it believes that, from time to time, the market price of the debentures may not fully reflect the underlying value of the securities and that the purchase of the debentures would be in the best interests of Royal Host.
During the past year, Royal Host has made purchases of C$959,840 trust units and C$1.21 million of 7.9% convertible unsecured subordinated debentures due April 30, 2009 at weighted average prices of C$6.45 and C$118.95, respectively, under previous normal course issuer bids which will expire on Jan. 1, and Nov. 27, respectively.
The company added that the average daily trading volume of the 6% debentures, 6.25% debentures and 5.9% debentures for six months prior to the date hereof was C$59,800, C$53,000 and 40,800, respectively.
Calgary, Alta.-based Royal Host owns hotels, manages properties and operates franchises.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.