HealthLease debentureholders approve redemption of 5.75% convertibles

By Marisa Wong

Madison, Wis., Oct. 30 – HealthLease Properties Real Estate Investment Trust said that at a meeting held on Thursday holders of its 5.75% convertible subordinated debentures due Nov. 30, 2018 approved by an overwhelming majority amendments to the indenture governing the debentures.

The amendments require HealthLease to redeem the debentures for cash at a price of 109.5 plus accrued interest.

The meeting was called at the request of Health Care REIT, Inc., which has agreed to acquire HealthLease Properties for C$14.20 per share.

The debentures are to be redeemed at any time on or within 30 days following the closing date of the acquisition.

The amendments required approval from two-thirds of the votes cast by debentureholders, as previously announced. The record date was Oct. 3.

RBC Capital Markets was the solicitation agent with Georgeson Shareholder Communications as information agent.

HealthLease Properties and Health Care REIT are REITs based in Toronto and Toledo, Ohio, respectively, that invest in seniors housing and health care real estate.

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