Royal Host begins bid for two series of 6.25%, 7.5% convertibles

By Jennifer Chiou

New York, Jan. 9 - Royal Host Inc. announced that it will conduct a normal course issuer bid for the following securities:

• Up to C$2,206,000 of its 6.25% series D convertible unsecured subordinated debentures due June 30, 2019;

• Up to C$1,993,000 of its 6.25% series B convertible unsecured subordinated debentures due Oct. 31, 2020; and

• Up to C$3,448,000 of its 7.5% series C convertible unsecured subordinated debentures due Sept. 30, 2018.

The maximum purchase amounts represent 10% of the outstanding public float as of Jan. 3.

The bid period will start on Jan. 13 and will expire on Jan. 12, 2015.

Royal Host also plans to purchase for cancellation up to a maximum of 870,680 of its common shares.

According to a news release, the company will pay the prevailing market price for the debentures at the time of purchase.

Royal Host said it has made the following purchases under its previous normal course issuer bids:

• C$2,039,000 principal amount of the series D debentures at a weighted average price of C$92.37;

• C$2,012,000 principal amount of series B debentures at a weighted average price of C$90.07;

• C$4,505,000 principal amount of series C debentures at a weighted average price of C$92.12; and

• 1,171,300 common shares at a weighted average price of C$0.996 per share.

Royal Host owns and operates hotels. It is based in Halifax, N.S.

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