By Rebecca Melvin
New York, March 31 - Artis Real Estate Investment Trust sold C$75 million of 10-year convertible debentures on a bought deal basis at par to yield 6%, according to a news release.
The bonds were sold via a syndicate of underwriters led by CIBC World Markets Inc. and Canaccord Adams.
The deal was announced concurrently with a previously announced acquisition of a four-building industrial property portfolio in Edmonton, Alta., and an agreement to acquire an additional $58.3 million of retail properties in Alberta and British Columbia.
Proceeds are being used to fund future acquisitions, to repay existing mortgage debt and for general working capital.
Closing is expected by April 22, subject to regulatory approval.
Artis is a Winnipeg, Man.-based real estate investment trust focused on commercial properties.
| Issuer: | Artis Real Estate Investment Trust
|
| Issue: | Convertible debentures
|
| Amount: | C$75 million
|
| Maturity: | 2020
|
| Underwriters: | Syndicate led by CIBC World and Canaccord Adams
|
| Coupon: | 6%
|
| Price: | Par
|
| Yield: | 6%
|
| Pricing date: | March 31
|
| Settlement date: | April 22
|
| Stock symbol: | Toronto: AX-UN
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
