By Devika Patel
Knoxville, Tenn., April 25 - Lakeview Hotel Real Estate Investment Trust filed a prospectus for an offering of between C$6 million and C$10 million of five-year series D convertible redeemable subordinated debentures with a coupon of 8.5%.
The notes will be offered at par.
Each debenture will be convertible into units at a conversion price of C$3.75 per unit, or 26.67 units per C$100 principal, subject to adjustment.
The offering will be made on a best efforts basis by a syndicate comprised of Wellington West Capital Inc., Thomas Weisel Partners Canada Inc., Blackmont Capital Inc., Canaccord Capital Corp. and Dundee Securities Corp.
Proceeds will be used to establish a mezzanine loan facility, for working capital and for general purposes.
Lakeview is a hotel-focused real estate investment trust based in Winnipeg, Manitoba.
| Issuer: | Lakeview Hotel Real Estate Investment Trust
|
| Issue: | Series D convertible redeemable subordinated debentures
|
| Bookrunners: | Wellington West Capital Inc., Thomas Weisel Partners Canada Inc., Blackmont Capital Inc., Canaccord Capital Corp., Dundee Securities Corp.
|
| Amount: | C$10 million
|
| Maturity: | Five years
|
| Coupon: | 8.5%
|
| Price: | Par
|
| Yield: | 8.5%
|
| Conversion price: | C$3.75
|
| Conversion ratio: | 26.67 units per C$100
|
| Pricing date: | April 25, after the close
|
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