By Susanna Moon
Chicago, Jan. 22 - Temple Hotels Inc. plans to sell C$35 million of 7% series F convertible redeemable unsecured subordinated debentures due 2018 co-led by National Bank Financial Inc. and BMO Capital Markets.
The underwriters have an over-allotment option for C$5.25 million more convertibles, exercisable for up to 30 days.
Each C$1,000 principal amount of notes is convertible into about 128.205 shares at any time, representing a conversion price of C$7.80 per share.
The conversion price is a 28.93% premium to the company's closing price on Jan. 18.
Proceeds will be used to fund additional acquisitions of income-producing hotel properties, to repay debt, for general corporate purposes and for working capital.
Temple is a real estate investment company based in Winnipeg, Man.
| Issuer: | Temple Hotels Inc.
|
| Issue: | Series F convertible redeemable unsecured subordinated debentures
|
| Amount: | C$35 million
|
| Greenshoe: | C$5.25 million
|
| Maturity: | March 31, 2018
|
| Coupon: | 7%
|
| Conversion ratio: | Into 128.205 shares
|
| Conversion price: | C$7.80 per share
|
| Conversion premium: | 28.93%
|
| Underwriters: | National Bank Financial Inc. and BMO Capital Markets (co-lead); Raymond James Ltd., Laurentian Bank Securities Inc., Macquarie Capital Markets Canada Ltd., Desjardins Securities Inc., Dundee Securities Corp., Mackie Research Capital Corp.
|
| Announcement date: | Jan. 21
|
| Stock ticker: | Toronto: TPH
|
| Stock price: | C$6.05 at close Jan. 18
|
© 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.
