New York, Feb. 28 - Retirement Residences Real Estate Investment Trust said it priced C$200 million of 5.5% convertible unsecured subordinated debentures.
The securities convert at a price of C$11.35.
CIBC World Markets Inc. was lead manager for the bought deal transaction, which will be offered by short-form prospectus in Canada and under Rule 144A in the United States.
The Toronto-based provider of accommodation and care for seniors will use proceeds to repay its two series of 10½% debentures due June 1, 2005 and for general corporate purposes.
| Issuer: | Retirement Residences Real Estate Investment Trust
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| Issue: | Convertible unsecured subordinated debentures
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| Amount: | C$200 million
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| Maturity: | March 31, 2015
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| Coupon: | 5.5%
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| Conversion price: | C$11.35
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| Conversion ratio: | 88.1057
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| Call: | March 31, 2011 onwards at par
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| Soft call: | March 31, 2009 onwards at par subject to 125% hurdle
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| Lead manager: | CIBC World Markets Inc.
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| Distribution: | Short-form prospectus in Canada, Rule 144A in United States.
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