By Rebecca Melvin
Princeton, N.J., Sept. 7 - IPC US REIT priced $60 million of seven-year convertibles at par to yield 5.75% with an initial conversion premium of 13%.
The bought deal was sold via underwriters RBC Capital Markets, CIBC World Markets and Desjardins Securities to mostly retail investors, a syndicate source said.
IPC US REIT is a Toronto-based real estate investment trust that invests exclusively in U.S. commercial real estate.
Proceeds of the offering will be used to repay its acquisition line and fund future acquisitions.
| Issuer: | IPC US REIT
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| Issue: | Convertible unsecured subordinated debentures
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| Amount: | $60 million
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| Bookrunners: | RBC Capital Markets, CIBC World Markets and Desjardins Securities
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| Maturity: | Sept. 30, 2012
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| Coupon: | 5.75%
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| Price: | Par
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| Yield: | 5.75
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| Conversion premium: | 13%
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| Conversion price: | $11.00
|
| Conversion ratio: | 90.9090
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| Pricing date: | Sept. 7
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| Settlement date: | Sept. 23
|
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