Melcor REIT greenshoe increases 5.25% convertibles to C$23 million

New York, Dec. 21 – Melcor Real Estate Investment Trust said that the underwriters of its offering of 5.25% convertible unsecured subordinated debentures due 2022 exercised the C$3 million over-allotment option in full, raising the sale to C$23 million.

A concurrent offering of subscription receipts was increased to C$17.3 million from C$15 million, also through the exercise of the greenshoe.

Melcor originally priced C$20 million of the convertibles on Dec. 4 via lead underwriters CIBC Capital Markets and RBC Capital Markets.

The subscription receipts were priced at C$8.50.

Proceeds from both offerings will be used as part of the financing package for Melcor REIT’s C$80.875 million acquisition of five commercial properties from Melcor Developments Ltd.

The convertibles began trading under the symbol “MR. DB. A” on the Toronto Stock Exchange on Thursday.

Melcor REIT is an Alberta, Canada-based retail, office and industrial real estate investment trust.

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