Temple Hotels resumes issuer bids to purchase three convertible series

By Susanna Moon

Chicago, March 10 – Temple Hotels Inc. again renewed its normal course issuer bids to purchase 10% of the public float of three series of convertible notes.

This time, the one-year issuer bids will run from March 15 until March 14, 2018, according to a company notice.

Under the issuer bids, the company is offering to repurchase at market prices up to

• C$3,313,700 series D convertible unsecured subordinated debentures;

• C$4,404,000 series E convertible unsecured subordinated debentures; and

• C$3,381,900 series F convertible unsecured subordinated debentures.

The daily repurchase restriction is C$13,083 principal amount of series D debentures, C$21,950 principal amount of series E debentures and C$15,487 principal amount of series F debentures.

As of Feb. 28, there was C$34,282,000 principal amount of series D debentures outstanding, C$45,164,000 principal amount of series E debentures outstanding and C$34,419,000 principal amount of series F debentures outstanding.

The average daily trading volume for the 12 months ended Feb. 28 was $52,333 principal amount of series D debentures, $87,802 principal amount of series E debentures and $61,951 principal amount of series F debentures.

In the one-year issuer bids for the three series of notes and for the C$2,192,200 principal amount of series C convertible unsecured subordinated debentures that ended Feb. 28, 2017, no debentures were purchased for cancellation.

Temple is a real estate investment company based in Winnipeg, Man.

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