InnVest convertible debentureholders vote in favor of redemption

By Marisa Wong

Morgantown, W.Va., July 18 – InnVest Real Estate Investment Trust held meetings on Monday for holders of its convertible debentures. The company announced that the resolutions considered at the meetings were passed.

The resolutions approve amendments to the indentures governing the redemption of three series of InnVest’s convertible debentures, according to a press release.

Of the votes cast by holders of InnVest’s 6% convertible subordinated debentures due Sept. 30, 2017, series E, 87.63% were in favor of the redemption and 12.37% were against.

Of the votes cast by holders of InnVest’s 5.75% convertible subordinated debentures due March 30, 2018, series F, 86.46% were in favor of the redemption and 13.54% were against.

Of the votes cast by holders of InnVest’s 6.25% convertible subordinated debentures due March 31, 2019, series G, 92.27% were in favor of the redemption and 7.73% were against.

The redemption price is 101 for the series E and series F debentures and 107.5 for the series G debentures. The redemption price will also include accrued interest to the redemption date.

The redemption is to take place on or about the closing date of a previously announced arrangement, in which Bluesky Hotels and Resorts Inc. has agreed to acquire all of the issued and outstanding units of InnVest for $7.25 in cash per unit. The convertible debenture redemptions are conditional upon closing of the arrangement.

The closing of the arrangement remains subject to Canadian regulatory approvals under the Investment Canada Act and the satisfaction or waiver of other customary closing conditions. Assuming receipt of regulatory approval and the satisfaction of all other conditions to closing, InnVest expects the arrangement to close in the third quarter of 2016.

InnVest is a Toronto-based real estate investment trust that owns a portfolio of hotels across Canada.

© 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.