By Sheri Kasprzak
New York, Oct. 7 - InterRent International Properties Inc. said it has closed a private placement of convertible debentures for C$5,517,000.
The 7.25% debentures mature in five years and are convertible into common shares at C$0.55 any time after Sept. 22, 2006.
The offering is in addition to a C$5,417,000 convertible debenture offering the company settled on Sept. 22.
Proceeds will be used for the acquisition of multi-residential properties. The rest will be used for general corporate purposes.
Based in Toronto, InterRent owns and operates multi-residential real estate within the Toronto metropolitan area.
| Issuer: | InterRent International Properties Inc.
|
| Issue: | Convertible debentures
|
| Amount: | C$5,517,000
|
| Maturity: | Five years
|
| Coupon: | 7.25%
|
| Price: | Par
|
| Yield: | 7.25%
|
| Conversion price: | C$0.55
|
| Warrants: | No
|
| Settlement date: | Oct. 7
|
| Stock price: | C$0.44 at close Oct. 7
|
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