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Plazacorp Retail Properties Ltd Announces Bought Deal Public Offering Of $40 Million Common Shares And $30 Million Of Convertible Unsecured Subordinated Debentures
Plazacorp Retail Properties Ltd announced that it has entered into an agreement to sell to a syndicate of underwriters led by RBC Capital Markets, on a bought-deal basis, 9,400,000 common shares of Plazacorp issued from treasury at a price of $4.25 per Share for gross proceeds to the Company of $40 million and $30 million aggregate principal amount of 5.75% convertible unsecured subordinated debentures due December 31, 2018. The Debentures are convertible at the option of the holder, into common shares of the Company at $5.75 per common share. Plazacorp has granted the Underwriters an over-allotment option, exercisable in whole or in part up to 30 days after Closing, to purchase up to an additional 1,410,000 common shares and $4.5 million additional aggregate principal amount of Debentures to cover over-allotments, if any. Plazacorp intends to use the net proceeds from the Offering as follows: (i) approximately $15 million to fully repay the balance that is currently outstanding on operating line of credit; (ii) approximately $35 million to partially repay bridge facility; (iii) approximately $16 million to redeem the outstanding Series A 7.75% convertible subordinated unsecured debentures, which mature on December 31, 2014 and which have a par call date of December 31, 2013; and (iv) the remainder, if any, will be used to fund future and on-going development and re-development activities and for general corporate purposes.
Latest Developments for Plaza Retail REIT
- Plazacorp Retail Properties Ltd Completes Bought Deal Public Offering Of $40 Million Common Shares And $30 Million Of Convertible Unsecured Subordinated Debentures
- Plazacorp Retail Properties Ltd Completes Acquisition Of Remaining KEYreit Units
- Plazacorp Retail Properties Ltd Announces Completion Of Offer For KEYreit
- Plazacorp Retail Properties Ltd And KEYreit Reiterate Attractiveness Of Plazacorp's $8.35 Acquisition Proposal To KEYreit Unit Holders
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