Royal Host launches normal-course issuer bid for 7.9% convertible debentures

By Jennifer Chiou

New York, Nov. 26 - Royal Host Real Estate Investment Trust announced a normal-course issuer bid to purchase its 7.9% subordinated unsecured convertible debentures series A due April 30, 2009.

The company said it will purchase up to C$834,000 of its C$8.35 million of debentures for cancellation beginning on Nov. 28.

Royal Host said it will pay the prevailing market price of the debentures on the Toronto Stock Exchange at the time of the purchase.

The bid will end on Nov. 27, 2008.

Royal Host noted that it has made purchases of $2.9 million of debentures during the previous 12 months at a weighted average price of $118.72 under a previous normal-course issuer bid, which will expire on Nov. 27. The average daily trading volume of the debentures for prior six months was $122,713.

Based in Calgary, Alta., Royal Host owns and operates hotels.

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