Retirement REIT gets tenders for C$13.29 million 8.25%, C$89.84 million 5.50% convertible debentures

New York, March 8 - Retirement Residences Real Estate Investment Trust said it investors tendered C$13.286 million or 8.5% of its 8.25% convertibles debentures due Jan. 31, 2011 and C$89.837 million or 45% of its 5.50% convertible debentures due March 31, 2015.

The Toronto-based provider of accommodation and care for seniors paid 101% of par plus accrued interest for the securities.

The offer, required following the change of control of the company with its acquisition by PSPIB Destiny Inc. on Jan. 15, was announced on Jan. 31 and ended at noon ET on March 8.

Holders of the convertible debentures who do not tender will continue to receive interest and principal payments as Retirement REIT said it intends to defease the remaining convertible debentures after the end of the offer. The company said it will deposit cash or direct obligations of the Government of Canada with CIBC Mellon Trust Co. as trustee to pay, satisfy and discharge the entire amount of principal and interest to maturity.

Retirement REIT said it ultimately intends to delist the convertible debentures from the Toronto Stock Exchange.

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