Business
Plaza Retail REIT completes bought deal public offering of $47,250,000 of convertible unsecured subordinated debentures
Plaza Retail REIT completes bought deal public offering of $47,250,000 of convertible unse...
About this update from Plaza Retail Reit
[{"type":"text","content":"\n\n\n\nPlaza Retail REIT completes bought deal public offering of $47,250,000 of 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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nFREDERICTON, Feb. 21, 2018\n\n\n\n/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES/\n\n\n\nFREDERICTON, Feb. 21, 2018 /CNW/ - Plaza Retail REIT (\"Plaza\" or the \"REIT\") (TSX: PLZ.UN) announced today that it has closed its previously announced bought deal public offering (the \"Offering\") of $47,250,000 aggregate principal amount of 5.10% convertible unsecured subordinated debentures due March 31, 2023 (the \"Debentures\"), including the exercise of the over-allotment option in full. The underwriting syndicate for the Offering was led by RBC Capital Markets. The Debentures are convertible, at the option of the holder, into trust units of the REIT at $5.65 per trust unit.\n\nAs previously announced, Plaza intends to use the net proceeds from the Offering to redeem its 5.75% convertible unsecured subordinated debentures (current outstanding balance of $34.0 million) which mature on December 31, 2018 and which have a par call date of December 31, 2017. Plaza intends to use the remainder of the net proceeds to repay amounts outstanding on the REIT's operating line of credit, to fund the REIT's future and on-going development and re-development activities and for general trust purposes.\n\nABOUT PLAZA RETAIL REIT\n\nPlaza is an open-ended real estate investment trust and is a leading retail property owner and developer, particularly in Eastern Canada. Plaza's portfolio at September 30, 2017 includes interests in 295 properties totaling approximately 7.7 million square feet across Canada and additional lands held for development. Plaza's properties include a mix of strip plazas, stand-alone small box retail outlets and enclosed shopping centres, anchored by approximately 90% national tenants.\n\nForward-looking Information\n\nThis press release contains forward-looking statements, which can generally be identified b...