Holloway arranges automatic purchase plan for 6.5% convertibles

By Susanna Moon

Chicago, July 8 - Holloway Lodging Real Estate Investment Trust said it entered into an automatic securities purchase plan with a broker to facilitate repurchases of up to C$5,184,400 of its 6.5% convertible subordinated debentures due June 30, 2012 under its normal course issuer bid.

Under the automatic securities purchase plan, the REIT's broker may purchase notes under the issuer bid at times when the REIT would ordinarily not be permitted to due to its self-imposed regular quarterly blackout periods, according to a company press release.

The plan runs from July 8 to the expiration of the normal course issuer bid on April 28, 2012.

Purchases under the automatic securities purchase plan will be made by Holloway's broker based on the parameters prescribed by the Toronto Stock Exchange, applicable Canadian securities laws and the terms of the parties' written agreement.

The REIT said on April 27 that the Toronto Stock Exchange approved its plans to purchase up to C$5,184,400 principal amount of the convertibles under the issuer bid.

All of the 6.5% debentures purchased under the normal course issuer bid will be canceled.

The REIT, based in Bedford, N.S., focuses on acquiring, owning and operating lodging properties and hotels.

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