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Plazacorp Retail Properties Ltd Completes Bought Deal Public Offering Of $40 Million Common Shares And $30 Million Of Convertible Unsecured Subordinated Debentures


Thursday, 24 Oct 2013 08:27am EDT 

Plazacorp Retail Properties Ltd announced that it has closed its previously announced bought deal public offering of 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 underwriting syndicate for the Offering was led by RBC Capital Markets. As previously announced, Plazacorp intends to use the net proceeds from the Offering as follows: approximately $15 million to fully repay the balance that is outstanding on the Company's operating line of credit; approximately $35 million to partially repay the Company's bridge facility, which was drawn to fund the cash portion of its acquisition of KEYreit; approximately $16 million to redeem the outstanding Series A 7.75% convertible unsecured subordinated debentures, which mature on December 31, 2014 and which have a par call date of December 31, 2013. Plazacorp intends to provide notice of redemption to holders of the Series A Debentures in November 2013; and the remainder, if any, will be used to fund the Company's future and on-going development and re-development activities and for general corporate purposes. Plazacorp intends to use the net proceeds, if any, from any exercise of the Over-Allotment Option to partially repay the bridge facility. 

Company Quote

4.36
0.02 +0.46%
7 Jan 2014