Sunrise REIT closes C$7.5 million greenshoe, lifting 6.4% convertibles to C$57.5 million

By Jennifer Chiou

New York, Sept. 1 - Sunrise Senior Living Real Estate Investment Trust said that underwriters fully exercised a C$7.5 million greenshoe option for its 6.40% convertible unsecured subordinated debentures due Dec. 31, 2011, raising the size of the offering to C$57.5 million.

On July 17, the company priced C$50 million of the five-year convertibles at an initial conversion premium of 16%.

The debentures were offered at par and have an initial conversion price of C$12.18.

TD Securities Inc. was the bookrunner for the offering, which is not offered in the United States.

As previously reported, the debentures are not callable for the first three years. They are callable in the fourth year subject to a 125% price hurdle, and freely callable in the final year.

Sunrise is a Toronto-based owner of senior living communities in major metropolitan markets in Canada and the United States.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.