By Sheri Kasprzak
New York, July 25 - Westfield Real Estate Investment Trust said it has increased the size of its previously announced private placement to C$45 million from C$40 million.
The company will sell 42,857,143 trust units at C$0.70 each and will sell $15 million in 7.75% series A convertible redeemable debentures.
The debentures mature in five years and are convertible into trust units at C$0.84 each. The debentures are redeemable any time after the second anniversary of closing if the company's units exceed 150% of the conversion price. The debentures are redeemable any time after the fourth anniversary of issuance if the company's units exceed 125% of the conversion price.
Canaccord Capital Corp. is the lead bookrunner in the offering and Bieber Securities is the co-agent.
The deal was first announced June 29 as a C$40 million offering of up to C$30 million in trust units and up to C$10 million in debentures.
The offering is expected to close Aug. 4.
Proceeds will be used for the cash portion of Westfield's acquisition of 11 properties in Manitoba, Saskatchewan and Alberta.
Based in Winnipeg, Man., Westfield is a real estate investment trust.
| Issuer: | Westfield Real Estate Investment Trust
|
| Issue: | Trust units
|
| Amount: | C$30 million
|
| Units: | 42,857,143
|
| Price: | C$0.70
|
| Warrants: | No
|
| Placement agents: | Canaccord Capital Corp. (lead); Bieber Securities
|
| Announcement date: | June 29
|
| Pricing date: | July 25
|
| Settlement date: | Aug. 4
|
| Stock price: | C$0.40 at close June 29
|
| Stock price: | C$0.70 at close July 25
|
|
|
| Issuer: | Westfield Real Estate Investment Trust
|
| Issue: | Series A convertible redeemable debentures
|
| Amount: | C$15 million
|
| Maturity: | Five years
|
| Coupon: | 7.75%
|
| Price: | Par
|
| Yield: | 7.75%
|
| Conversion price: | C$0.84
|
| Call: | Redeemable after second anniversary if trust units exceed 150% of conversion price; redeemable after fourth anniversary if trust units exceed 125% of conversion price
|
| Warrants: | No
|
| Placement agents: | Canaccord Capital Corp. (lead); Bieber Securities
|
| Announcement date: | June 29
|
| Pricing date: | July 25
|
| Settlement date: | Aug. 4
|
| Stock price: | C$0.40 at close June 29
|
| Stock price: | C$0.70 at close July 25
|
|
|
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