Morguard REIT to redeem 8.5% convertibles

By Angela McDaniels

Seattle, April 28 - Morguard Real Estate Investment Trust will redeem its 8.5% convertible unsecured subordinated debentures due April 1, 2007 on May 31 at par, according to a company news release.

Convertible holders will also receive accrued interest up to but excluding the redemption date.

The Toronto-based REIT said it plans to finance the redemption with cash on hand and borrowings under its existing lines of credit.

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