O&Y Properties says C$87.318 million debentures converted ahead of redemption

By Caroline Salls

Pittsburgh, April 7 - O&Y Properties Corp. said holders of C$87.318 million principal amount of its 5.90% convertible unsecured subordinated debentures due June 30, 2008 converted their debentures into 7,592,861 shares of the company's common stock at a rate of C$11.50 per share ahead of redemption.

The company redeemed the remaining C$3.4 million of the debentures.

Following the conversion, 50,842,413 shares of the company's common stock are outstanding.

O&Y Properties is a Toronto-based commercial real estate company focused on the ownership, management and development of high-quality office buildings.

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