Plazacorp Retail ups planned issue of 8% convertibles to C$10 million

By Angela McDaniels

Tacoma, Wash., Sept. 14 - Plazacorp Retail Properties Ltd. increased the amount that it plans to raise in its upcoming 8% convertible debentures offering to C$10 million from C$5 million, according to a company news release.

The company also added an over-allotment option for up to 25% of the offering.

The convertibles will mature on Oct. 14, 2014 and will be callable after Oct. 14, 2012.

The conversion price will be C$3.40 per common share.

Proceeds will be used to finance future acquisitions, to retire existing debt and for general corporate purposes.

Plans for the convertibles, which will be offered to Canadian residents, were announced on Sept. 3.

Fredericton, New Brunswick-based Plazacorp owns shopping malls and strip plazas.

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