Killam Apartment calls 5.65% convertible debentures for redemption

New York, June 2 – Killam Apartment REIT said it will redeem its C$57.5 million of 5.65% convertible subordinated debentures on July 4.

The company will pay par plus accrued interest for a total of C$1,005.26 per C$1,000 principal amount, according to a news release.

Funding for the redemption will come from a recent offering of trust units that raised C$98 million.

Other proceeds from the sale of units will be used to fund recently announced acquisitions and for general trust purposes.

Killam is a Halifax, N.S., owner and operator of multi-family apartments and manufactured home communities.

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