Killam to redeem C$57.5 million 5.65% convertibles via sale of units

By Wendy Van Sickle

Columbus, Ohio, May 12 – Killam Apartment REIT plans to redeem its C$57.5 million of outstanding 5.65% convertible subordinated debentures due Nov. 30, 2017 with some proceeds of an offering of trust units, according to a press release.

The company plans to issue 7.1 million trust units at C$12.00 each for gross proceeds of C$82.5 million. Proceeds remaining after the redemption will be used for apartment acquisitions in Halifax and Ottawa and for future acquisitions and general trust purposes.

Halifax, N.S.-based Killam owns and operates apartment properties in Canada.

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