Primaris Retail C$11.25 million greenshoe fully exercised

By Marisa Wong

Milwaukee, Oct. 9 – Primaris Retail REIT announced that the underwriters of its recent offering of convertible unsecured subordinated debentures due 2015 exercised the C$11.25 million over-allotment option, increasing the size of the offering to C$86.25 million. The original C$75 million offering closed on Oct. 6.

Primaris Retail priced the C$75 million six-year convertibles on Sept. 14 to yield 6.3% with an initial conversion premium of 19%.

The syndicate of underwriters was co-led by RBC Capital Markets and CIBC World Markets Inc., with RBC Capital Markets as bookrunner.

Proceeds from this offering will be used to fund future property acquisitions, the redevelopment of Primaris Retail’s existing properties and for general trust purposes.

Based in Toronto, Primaris Retail owns 26 income-producing properties totaling about 9.3 million square feet, located in Canada.

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