By Sheri Kasprzak
Atlanta, June 13 - Primaris Retail Real Estate Investment Trust said it expects to receive C$40 million from a private placement of exchangeable securities.
Primaris sold 2,849,002.849 securities at C$14.04 each to five private investors who own the Place Fleur de Lys property that Primaris is purchasing.
The price of the securities was based on the weighted average closing price of Primaris' units for 20 trading days beginning May 6 and ended June 3.
The private placement was conducted to partially fund the Toronto-based company's purchase of the Place Fleur de Lys property.
The securities have a mandatory exchange provision with a 20-year term.
The acquisition is expected to close July 20.
| Issuer: | Primaris Retail Real Estate Investment Trust
|
| Issue: | Securities exchangeable on a one-for-one basis for trust units
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| Amount: | C$40 million
|
| Securities: | 2,849,002.849
|
| Price: | C$14.04
|
| Warrants: | No
|
| Announcement date: | June 13
|
| Stock price: | C$14.73 at close June 13
|
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