By Sheri Kasprzak
New York, July 8 - Corporate Properties Ltd. said it has received a new short-term debt agreement for $4,887,500.
The short-term debt agreement replaces all of Corporate Properties' existing short-term debt.
The debt matures on Jan. 31, 2008, bears interest at 6% annually and is convertible into common shares at $1.10 for each dollar of debt through Jan. 31, 2007.
In other news, the company's board of directors also approved a stock options plan for six directors. The directors have the option to buy 25,000 shares each at $1.10 for two years.
Based in Toronto, Corporate Properties is a real estate company for industrial and corporate clients.
Issuer: | Corporate Properties Ltd.
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Issue: | Short-term debt
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Amount: | $4,887,500
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Maturity: | Jan. 31, 2008
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Coupon: | 6%
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Price: | Par
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Yield: | 6%
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Conversion price: | $1.10 of stock per $1.00 of debt through Jan. 31, 2007
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Warrants: | No
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Settlement date: | July 8
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Stock price: | $1.10 at close July 8
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