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InnVest REIT to launch normal course issuer bid for convertibles
By Jennifer Chiou
New York, Nov. 11 - InnVest Real Estate Investment Trust announced that the Toronto Stock Exchange has accepted notice of the company and InnVest Operations Trust's normal course issuer bid for their 5.75% series F stapled convertible debentures and stapled units and 6% series B convertible debentures, 5.85% series C convertible debentures, 6.75% series D convertible debentures and 6% series E convertible debentures.
According to a news release, InnVest believes that the market price of its units and convertible debentures may not reflect their underlying value from time to time and that the purchase of those securities may be a desirable use of its funds.
The Toronto-based holder of hotel real estate said that it intends to fund any purchases out of available cash and undrawn credit facilities.
Purchases under the normal course issuer bids can be made from time to time between Nov. 15 of this year and Nov. 14, 2012.
Any acquired securities will be canceled.
As of Nov. 4, the REIT had outstanding C$74.98 million of the series B convertibles, C$70 million of the series C debentures, C$36,358,000 of the series D debentures and C$75 million of the series E convertibles along with C$50 million of the series F stapled convertible debentures.
As of the same date, the company had 93,538,022 units outstanding. It may purchase up to 8,485,405 of the units, representing 10% of the public float. Daily purchases may not exceed 62,580 units.
The daily and total limits - 10% of the public float - for the debentures are listed in the table below.
Convertible debentures Total limit Daily limit
Series B C$7,498,000 C$11,388
Series C C$7 million C$15,448
Series D C$3,635,800 C$40,436
Series E C$7.5 million C$13,879
Series F C$5 million C$8,261
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