By Sheri Kasprzak
Atlanta, June 10 - Calloway Real Estate Investment Trust has increased the number of subscription receipts and the price at which they're being offered in a private placement now upsized to C$225,019,600.
The company now plans to sell 11,336,000 subscription receipts at C$19.85 each.
The offering was first announced Feb. 16, as a C$60 million deal comprised of 3,101,000 subscription receipts at C$19.35 each.
Each subscription receipt is exchangeable for one trust unit each upon the completion of Calloway's acquisition of 35 shopping centers and 10 parcels of development land.
The deal is being completed through a syndicate of placement agents led by CIBC World Markets Inc. and including Scotia Capital Inc., Desjardins Securities Inc., RBC Capital Markets, Merrill Lynch Canada Inc. and National Bank Financial Inc.
The offering is expected to close June 22.
Based in Calgary, Alta., Calloway is a real estate investment trust focused on acquiring retail properties.
| Issuer: | Calloway Real Estate Investment Trust
|
| Issue: | Subscription receipts for one unit each
|
| Amount: | C$225,019,600
|
| Subscription receipts: | 11,336,000
|
| Price: | C$19.85
|
| Warrants: | No
|
| Underwriters: | CIBC World Markets Inc. (lead); Scotia Capital Inc., Desjardins Securities Inc., RBC Capital Markets, Merrill Lynch Canada Inc. and National Bank Financial Inc.
|
| Pricing date: | Feb. 16
|
| Upsized: | June 9
|
| Settlement date: | June 22
|
| Stock price: | C$20.26 at close June 9
|
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