Cominar calls C$14.08 million 6.3% convertibles for redemption June 29

By Ashley Montgomery

Kansas City, Kan., May 23 - Cominar Real Estate Investment Trust will redeem all C$14,077,000 of its series A 6.3% convertible unsecured subordinated debentures due June 30, 2014, according to a notice.

The debentures will be redeemed June 29 at par plus accrued interest up to the redemption date, for a redemption price of C$1,030.98 per C$1,000 principal amount of debentures.

Holders may also choose to convert the debentures until June 28 at C$17.40 per unit, correlating to about 57.4713 units issued for each C$1,000 principal amount.

The company said it would fund the redemption with a draw on its credit facility.

The company also plans to delist the debentures (TSX: CUF.DB) following the redemption, as it expects all debentures to be redeemed.

Cominar is a commercial property owner and manager based in Quebec City.

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