By Rebecca Melvin
New York, April 1 - Plazacorp Retail Properties Ltd. priced C$20 million of five-year convertible debentures at par to yield 7.5%, according to a news release Thursday.
The bonds will be convertible at C$3.80 per common share.
The convertibles will mature on March 31, 2015.
Proceeds will be used to retire existing mortgage bonds and unsecured debentures totaling $15.1 million, with the balance used to finance future acquisitions and for general corporate purposes.
The debentures are subject to a four-month hold period that expires either July 26, 2010 or Aug. 1, 2010, and they are also subject to the approval of the Toronto Venture Exchange.
Fredericton, N.B.-based Plazacorp owns shopping malls and strip plazas.
| Issuer: | Plazacorp Retail Properties Ltd.
|
| Issue: | Convertible debentures
|
| Amount: | C$20 million
|
| Maturity: | March 31, 2015
|
| Coupon: | 7.5%
|
| Price: | Par
|
| Yield: | 7.5%
|
| Conversion price: | C$3.80
|
| Pricing date: | April 1
|
| Stock symbol: | TSX Venture: PLZ
|
| Stock price: | C$3.50 at close April 1
|
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