By Rebecca Melvin
New York, June 17 - Retrocom Mid-Market Real Estate Investment Trust has priced C$20 million five-year convertible debentures on a bought-deal basis to yield 6.75% with an initial conversion premium of 34%, according to a news release.
The Regulation S deal was sold via a syndicate of underwriters led by TD Securities Inc.
There is an over-allotment option for an additional C$3 million of debentures.
Each debenture is convertibles into units of the trust at the option of the holder at a conversion price of C$5.05, or 198.0198 units per C$1,000 of debentures.
Proceeds will be used to fund future acquisitions and for general trust purposes.
Based in Toronto, Retrocom is a trust that focuses on owning and acquiring mid-market commercial properties in Canadian cities.
| Issuer: | Retrocom Mid-Market Real Estate Investment Trust
|
| Issue: | Convertible unsecured subordinated debentures
|
| Amount: | C$20 million
|
| Greenshoe: | C$3 million
|
| Bookrunners: | TD Securities Inc. (lead)
|
| Maturity: | July 31, 2015
|
| Coupon: | 6.75%
|
| Conversion premium: | 34%
|
| Conversion price: | C$5.05
|
| Conversion ratio: | 198.0198
|
| Pricing date: | June 17
|
| Settlement date: | July 8
|
| Stock symbol: | Toronto: RMM-UN
|
| Reference stock price: | C$3.78
|
| Distribution: | Regulation S
|
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