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Granite Announces Redemption Price For 6.05% Debentures Due December 22, 2016
TORONTO , July 30, 2014 /CNW/ -  Granite Real Estate Investment Trust ("Granite") (T...
About this update from Granite Real Estate Investment Trust
[{"type":"text","content":"\n\nTORONTO, July 30, 2014 /CNW/ - Granite Real Estate Investment Trust (\"Granite\") (TSX: GRT.UN; NYSE: GRP.U) announced on July 3, 2014 that its wholly owned subsidiary Granite REIT Holdings Limited Partnership (\"Granite LP\") would redeem in full the 6.05% debentures due December 22, 2016 (the \"Debentures\") on August 5, 2014 (the \"Redemption Date\"). Today, Granite LP has determined the redemption price according to the method and process outlined in the trust indenture governing the Debentures.\n\nThe redemption price is equal to the higher of (i) the Canada Yield Price, and (ii) 100% of the principal amount of the Debentures, together in each case with accrued and unpaid interest to the Redemption Date.  The Canada Yield Price is a price determined in accordance with the trust indenture based on a specified Government of Canada Yield (an arithmetic average of the yields to maturity quoted by two Canadian investment dealers) plus 42.5 basis points.  \n\nThe following sets out the relevant yields and the redemption price per $1,000 principal amount of the Debentures:\n\n\n\n\n\n\n\n\n\nGovernment of Canada Yield:                                 \n\n\n\n1.128%\n\n\n\n\nPremium:                                                             \n\n\n\n0.425%\n\n\n\n\nRedemption yield:                                                         \n\n\n\n1.553%\n\n\n\n\n\n\n\n\n\n\n\n\n\nCanada Yield Price:                              &#...