Killam Apartment to redeem 5.45% convertibles with units proceeds

By Marisa Wong

Morgantown, W.Va., Feb. 21 – Killam Apartment REIT said it will redeem its 5.45% convertible subordinated debentures due June 30, 2018 using proceeds from a public offering of trust units.

The debentures have an outstanding balance of C$46 million.

“The opportunity to redeem the 5.45% debentures is a key step in the successful execution of our strategy to reduce leverage in order to strengthen Killam’s balance sheet,” Philip Fraser, Killam’s president and chief executive officer, said in a press release.

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

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