Business
InterRent REIT Announces Closing of $25 Million Offering of Convertible Debentures and Private Placement
/This news release is intended for distribution in Canada only and is not intended for distributi...
About this update from Interrent Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\n/This news release is intended for distribution in Canada only and is not\n\n\nintended for distribution to United States newswire services or\n\n\ndissemination in the United States./\n\n\nTORONTO, Jan. 15 /CNW/ - InterRent Real Estate Investment Trust\n(TSX:IIP.UN) ("InterRent") is pleased to announce that it has closed its\npreviously announced offering (the "Offering"), on a bought deal basis, of $25\nmillion of convertible unsecured subordinated debentures (the "Debentures").\nThe Debentures have a coupon rate of 7.0% per annum and will be convertible at\nthe holder's option into units of InterRent (the "Units") prior to maturity at\na conversion price of $4.60 per Unit all upon the terms set out in the final\nprospectus. InterRent intends to use the net proceeds of the Offering to\nreduce indebtedness. The Debentures trade on the Toronto Stock Exchange under\nthe symbol IIP.DB.\n\n\nThe Debentures were offered through a syndicate of underwriters led by\nScotia Capital Inc., and including National Bank Financial Inc., Blackmont\nCapital Inc., Dundee Securities Corporation and Desjardins Securities Inc.\n\n\nConcurrently with the closing of the Offering, InterRent also closed its\npreviously announced non-brokered private placement of 809,000 Units at a\nprice of $4.40 per Unit to an existing institutional investor for gross\nproceeds of approximately $3,559,600. The Units are subject to a hold period\nand may not be sold, transferred or otherwise traded until May 16, 2008.\n\n\nAbout InterRent\n\n\nInterRent is a rapidly expanding, growth oriented real estate investment\ntrust engaged in building unitholder value through the accretive acquisition,\nownership and operation of strategically located income producing\nmulti-residential real estate, with 4,007 apartment suites under ownership and\n162 under conditional purchase contract, for a total of 4,169 suites in the\nprovince of Ontario.\n\n\nDistribution In Canada Only\n\n\nThis news release is intended for distribution in Canada only and is not\nintended for distribution to United States newswire services or dissemination\nin the United States. The securities being offered have not, nor will they be\nregistered under the United States Securities Act of 1933, as amended, and may\nnot be offered or sold within the United Stat...