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Plazacorp completes tender for three series originally under KEYreit
By Jennifer Chiou
New York, July 3 - Plazacorp Retail Properties Ltd. announced that it has completed the repurchase offer for its 7.75% convertible unsecured subordinated debentures due Dec. 31, 2014, 8% convertible unsecured debentures due Dec. 31, 2016 and 7% convertible unsecured debentures due Dec. 31, 2017 as successor to KEYreit, which launched the offer on May 22.
Plazacorp will repurchase the securities at 101 plus accrued interest on or prior to July 8 after having taken up the debentures, according to a news release.
The offer, which expired on June 28 at 5 p.m. ET, was made as a result of the change of control caused by the acquisition of 13,288,370 units of KEYreit by Plazacorp Retail.
All in all, the company received tenders for $3,779,000 of the 7.75% convertibles, $2,845,000 of the 8% convertibles and $3,639,000 of the 7% convertibles.
As previously noted, any debentures that were not tendered to the offer will continue to trade as debentures of Plazacorp on the Toronto Stock Exchange "PLZ.DB.A," "PLZ.DB.B" and "PLZ.DB.C."
Fredericton, N.B.-based Plazacorp owns shopping malls and strip plazas. Toronto-based KEYreit, formerly known as Scott's Real Estate Investment Trust, was a small-box retail property owner.
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