By Rebecca Melvin
New York, April 13 - Artis Real Estate Investment Trust sold C$60 million of seven-year convertible debentures on a bought-deal basis at par to yield 5.75%, according to a news release.
The series G debenture deal was made via a syndicate of underwriters led by CIBC World Markets Inc. and BMO Capital Markets.
Proceeds are being used to fund new acquisitions, to retire existing debt and for general trust purposes.
Distribution will be under a base shelf prospectus to be filed with Canadian securities regulators. Closing is expected by April 21, 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$60 million
|
| Maturity: | 2018
|
| Underwriters: | Syndicate led by CIBC World Markets Inc. and BMO Capital Markets
|
| Coupon: | 5.75%
|
| Price: | Par
|
| Yield: | 5.75%
|
| Pricing date: | April 13
|
| Settlement date: | April 21
|
| Stock symbol: | Toronto: AX-UN
|
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