Business & Finance
Tue, March 5, 2013Mon, March 4, 2013Sun, March 3, 2013Sat, March 2, 2013Fri, March 1, 2013Thu, February 28, 2013Wed, February 27, 2013Tue, February 26, 2013Mon, February 25, 2013Sun, February 24, 2013Fri, February 22, 2013Thu, February 21, 2013Wed, February 20, 2013InnVest REIT Announces Closing of Public Offering of $100 Million of Convertible Debentures and Early Redemption of Convertible
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Published in Business and Finance on Wednesday, February 27th 2013 at 5:16 GMT by Market Wire🞛 This publication is a summary or evaluation of another publication
February 27, 2013 08:12 ET
InnVest REIT Announces Closing of Public Offering of $100 Million of Convertible Debentures and Early Redemption of Convertible Debentures Due 2013
TORONTO, ONTARIO--(Marketwire - Feb. 27, 2013) -
NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES
InnVest Real Estate Investment Trust (the "REIT") (TSX:INN.UN), announced today that it has closed its previously announced offering of $100 million aggregate principal amount of 5.75% convertible unsecured subordinated debentures, Series G due March 31, 2019 (the "Debentures"). The Debentures are convertible, at the option of the holder, into trust units of the REIT at $5.80 per trust unit. The Debentures will be listed on the Toronto Stock Exchange (the "TSX") under the symbol "INN.DB.G". InnVest has granted the underwriters an over-allotment option exercisable in whole or in part at any time up to 30 days following today's closing to acquire up to an additional $15 million aggregate principal amount of Debentures.
Concurrent with the closing of the Debentures, the REIT has also sent notice for the redemption in full of its $75 million 6.00% convertible unsecured subordinated debentures, Series B due May 31, 2013.
The balance of the net proceeds will be used by the REIT for general working capital purposes, which may include funding its capital improvement program.
This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities being offered have not been and will not be registered under the U.S. Securities Act of 1933 as amended and may not be offered or sold in the United States absent registration or pursuant to applicable exemption from registration.
Trust Profile
InnVest REIT is an unincorporated open-ended real estate investment trust which owns a portfolio of 135 hotels across Canada representing approximately 18,000 guest rooms operated under internationally recognized brands. InnVest REIT also holds a 50% interest in Choice Hotels Canada Inc., one of the largest franchisors of hotels in Canada.
InnVest REIT's units and convertible debentures trade on the TSX under the symbols INN.UN, INN.DB.B, INN.DB.C, INN.DB.D, INN.DB.E, INN.DB.F and INN.DB.G.
Forward-Looking Statements
Statements contained in this press release that are not historical facts are forward-looking statements which involve risk and uncertainties which could cause actual results to differ materially from those expressed in the forward-looking statements. Among the key factors that could cause such differences are real estate investment risks, hotel industry risks, competition and the status of InnVest REIT as a Qualified REIT for Canadian federal income tax purposes in any year. These and other factors are discussed in InnVest REIT's annual information form for the year ended December 31, 2011, which is available at [ www.sedar.com ]. InnVest REIT disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required to do so by applicable securities law.
