Killam calls 5.45% convertible debentures for redemption on April 13

New York, March 13 – Killam Apartment REIT will redeem its C$46 million of 5.45% convertible subordinated debentures on April 13, according to a press release from the company.

Holders will receive par plus accrued interest up to but excluding the redemption date for a total of C$1,015.379 per C$1,000 principal amount.

Funding for the redemption will come from an offering of trust units that raised C$77 million after exercise of the over-allotment option.

The REIT sold 6,088,500 units at C$12.65 each.

In addition to repaying the convertibles, Killam will also use proceeds from the sale of units to reduce borrowings on its credit facility, to partially fund a C$49 million apartment acquisition in Ottawa, for future property acquisitions and for general trust purposes.

Killam is a Halifax, N.S.-based owner of residential real estate including multi-family apartments and manufactured home communities.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.