Plaza Retail REIT to redeem 7% convertible debentures at par on Jan. 9

By Angela McDaniels

Tacoma, Wash., Nov. 28 – Plaza Retail Real Estate Investment Trust will redeem its 7% convertible subordinated debentures due Dec. 31, 2017 in full on Jan. 9, according to a company news release.

The redemption price is par plus accrued interest up to but excluding the redemption date.

Each C$1,000 principal amount of debentures will be convertible into 190 Plaza units and C$112.76 of cash through Jan. 6.

The breakeven stock price on conversion is C$4.67 per unit. The units closed at C$5.02 (Toronto: PLZ-U) on Nov. 25.

The company said it will issue a redemption notice on Nov. 30 to the holders of the convertibles.

Plaza is a REIT based in Fredericton, N.B., that owns strip plazas, stand-alone small-box retail outlets and enclosed shopping centers.

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