Artis REIT greenshoe lifts 5.75% convertibles due 2018 to C$88 million

By Melissa Kory

Cleveland, April 21 - Artis Real Estate Investment Trust said underwriters exercised the over-allotment option for the closed offering of 5.75% series G convertible redeemable subordinated debentures due June 30, 2018, lifting the issue to 88,000 debentures or C$88 million.

Artis sold an upsized C$80 million of seven-year convertible debentures on a bought-deal basis at par to yield 5.75% with an initial conversion premium of 35% on April 13.

Initially the series G debenture deal was going to be C$60 million in size.

CIBC World Markets Inc. and BMO Capital Markets led a syndicate of underwriters in the bought deal, including Canaccord Genuity as co-lead.

Artis intends to use the proceeds to fund new acquisitions, to retire existing debt and for general trust purposes.

Artis is a Winnipeg, Man.-based real estate investment trust focused on commercial properties, including office, industrial and retail space.

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