Partners REIT greenshoe exercise ups 6% convertibles to C$34.5 million

By Jennifer Chiou

New York, Aug. 29 - Partners Real Estate Investment Trust announced the full exercise of the C$4.5 million over-allotment option, bringing the overall issue amount of its 6% convertible unsecured subordinated debentures to C$34.5 million.

The convertibles were sold on a bought-deal basis with National Bank Financial Inc., Scotiabank and Canaccord Genuity Corp. as the leads and National Bank and Scotiabank acting as joint bookrunners.

The syndicate includes CIBC World Markets Inc., RBC Dominion Securities, TD Securities Inc., Macquarie Capital Markets Canada Ltd., Raymond James Ltd. and M Partners Inc.

As reported, the debentures come due on Sept. 30, 2017.

Each C$1,000 principal amount of debenture is convertible into 96.618 units of the REIT at the option of the holder, for a conversion price of C$10.35 per unit.

Closing is slated for Sept. 5, and estimated net proceeds come in at C$33.12 million.

Proceeds from the offering will be used for future acquisitions, the repayment of existing debt and for general trust purposes.

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