InnVest REIT calls C$36.4 million 6.75% notes; holders may convert

By Susanna Moon

Chicago, Jan. 28 – InnVest Real Estate Investment Trust said it will redeem all of its C$36.4 million of outstanding 6.75% convertible debentures, series D, due March 31, 2016.

The notes will be redeemed at about C$1,028.47 for each C$1,000 principal amount.

The redemption price is the aggregate of par plus accrued interest thereon to but excluding the redemption date of March 3, according to a company press release.

The notes are convertible until 4 p.m. ET on March 2 at a conversion price of C$5.70 per InnVest unit, or at a conversion rate of about 175.44 units per $1,000 principal amount.

The company’s shares (Toronto: INN) closed at C$6.50 on Jan. 27.

InnVest is a Toronto-based holder of hotel real estate.

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