Business
InterRent REIT Announces Filing of Final Prospectus for a $25 Million Offering of Convertible Debentures and Revised 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. 9 /CNW/ - InterRent Real Estate Investment Trust\n(TSX:IIP.UN) ("InterRent") is pleased to announce that it has filed and\nreceived a receipt from securities commissions and other similar regulatory\nauthorities in each of the provinces of Canada for a final prospectus in\nconnection with the previously announced offering (the "Offering"), on a\nbought deal basis, of $25 million of convertible unsecured subordinated\ndebentures (the "Debentures"). The Debentures have a coupon rate of 7.0% per\nannum and will be convertible at the holder's option into units of InterRent\n(the "Units") prior to maturity at a conversion price of $4.60 per Unit all\nupon the terms set out in the final prospectus. InterRent intends to use the\nnet proceeds of the Offering to reduce indebtedness. Closing of the Offering\nis expected to occur on January 15, 2008. The Toronto Stock Exchange (the\n"TSX") has conditionally approved the listing of the Debentures and the Units\nissuable upon conversion of the Debentures subject to the fulfillment of the\nrequirements of the TSX on or before March 20, 2008. The Debentures will trade\nunder the symbol IIP.DB.\n\n\nThe Debentures are being offered through a syndicate of underwriters led\nby Scotia Capital Inc., and including National Bank Financial Inc., Blackmont\nCapital Inc., Dundee Securities Corporation and Desjardins Securities Inc.\n\n\nInterRent has also revised the number of Units to be issued pursuant to\nits previously announced non-brokered private placement (the "Private\nPlacement") to an existing institutional investor. Pursuant to the revised\nPrivate Placement, approximately 809,000 Units will be purchased at a price of\n$4.40 per Unit for total gross proceeds of approximately $3,559,600. Although\nthe Private Placement is expected to close concurrently with the closing of\nthe Offering, the closing of the Private Placement is not dependent on the\nclosing of the Offering. The proceeds from the Private Placement will be used\nto fund future acquisitions. The Units issued under the Private Placement will\nbe subject to a four mo...