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Plaza Retail REIT announces redemption of 7.00% convertible unsecured subordinated debentures
Plaza Retail REIT announces redemption of 7.00% convertible unsecured subordinated debentu...
About this update from Plaza Retail Reit
[{"type":"text","content":"\n\n\n\nPlaza Retail REIT announces redemption of 7.00% convertible unsecured subordinated debentures\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nPlaza Retail REIT announces redemption of 7.00% convertible unsecured subordinated debentures\nCanada NewsWire\nFREDERICTON, Nov. 28, 2016\n\n\n\nFREDERICTON, Nov. 28, 2016 /CNW/ - Plaza Retail REIT (\"Plaza\") (TSX: PLZ.UN) today announced that it will issue a redemption notice on November 30, 2016 to the holders of its 7.00% convertible unsecured subordinated debentures due December 31, 2017 (the \"Series C Debentures\"), providing for the redemption in full of all the currently outstanding Series C Debentures.  The Series C Debentures will be redeemed on January 9, 2017 (the \"Redemption Date\"), in accordance with their terms, for a redemption price equal to the principal amount outstanding plus accrued and unpaid interest thereon to but excluding the Redemption Date.\n\nIn accordance with the terms of the trust indenture governing the Series C Debentures, debenture holders will have the right until close of business (Eastern Standard Time) on the last business day prior to the Redemption Date (the \"Conversion Deadline\") to convert their Series C Debentures into Plaza units (\"Units\") and cash, at a rate of 190 Units and $112.76 in cash for each $1,000 principal amount of Series C Debentures.  With a break-even stock price on conversion of $4.67 per Unit, so long as Plaza's Units trade above $4.67 per Unit, Plaza anticipates that debenture holders will convert their Series C Debentures by the Conversion Deadline.  \n\nPlaza recently announced its 14th consecutive annual distribution increase to $0.27 per unit for 2017.  Based on a Unit price on November 25, 2016 of $5.04, this represents a 5.36% annual distribution yield.  \n\nABOUT PLAZAPlaza is an open-ended real estate investment trust and is a leading retail property owner and developer, particularly in Eastern Canada.  Plaza's current portfolio includes interests in 297 properties totaling approximately 7.6 million square feet ...