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American Hotel Income Properties REIT LP Completes Initial Public Offering


Wednesday, 20 Feb 2013 08:55am EST 

American Hotel Income Properties REIT LP announced the closing of its initial public offering of 9,570,000 limited partnership units (Units) priced at CAD10.00 per Unit, for total gross proceeds of CAD95.7 million. Included in the closing were 870,000 Units (CAD8.7 million) from a partial exercise of the over-allotment option described in AHIP's final prospectus dated February 12, 2013. The balance of the over-allotment option, being for 435,000 Units, remains exercisable for a period of 30 days and, if exercised, would bring the total gross proceeds of the offering to CAD100.1 million. The offering was underwritten by a syndicate of underwriters co-led by Canaccord Genuity Corp. and National Bank Financial Inc., and included TD Securities Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., Scotia Capital Inc., Dundee Securities Ltd., GMP Securities L.P., Macquarie Capital Markets Canada Ltd., Burgeonvest Bick Securities Limited and Haywood Securities Inc. The net proceeds of the offering are being used primarily to indirectly acquire 32 hotel properties located in 19 U.S. states which focus on railroad employee accommodation. The Units will commence trading on the Toronto Stock Exchange under the symbol HOT.UN. The initial cash distribution, which will be for the period from the date of closing of the 

Company Quote

10.22
0.16 +1.59%
27 Nov 2014