By Laura Lutz
Washington, Dec. 12 - Holloway Lodging Real Estate Investment Trust arranged a private placement for C$10,000,002.
The company plans to sell 1,941,748 trust units at C$5.15 each.
Canaccord Adams, the underwriter for the placement, has a greenshoe for up to 582,525 additional units.
Settlement is expected on Dec. 29.
Proceeds will be used to fund the company's planned acquisitions of three hotel properties, to fund a planned C$4.9 million mezzanine loan to Winport Developments and for mortgage financing on the company's properties.
The first cash distribution that purchasers of the trust units will be eligible to receive will be for January 2007.
Holloway is a Toronto-based real estate investment trust focused on hotel properties.
| Issuer: | Holloway Lodging Real Estate Investment Trust
|
| Issue: | Trust units
|
| Amount: | C$10,000,002
|
| Trust units: | 1,941,748
|
| Greenshoe: | For up to 582,525 trust units
|
| Price: | C$5.15
|
| Warrants: | No
|
| Underwriter: | Canaccord Adams
|
| Pricing date: | Dec. 12
|
| Settlement date: | Dec. 29
|
| Stock symbol: | TSX Venture: HLR.UN
|
| Stock price: | C$5.50 at close Dec. 11
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
