InnVest to launch normal course issuer bids for convertibles on Monday

By Angela McDaniels

Tacoma, Wash., Nov. 12 - InnVest Real Estate Investment Trust plans to make normal course issuer bids for its series A 6.25% convertible debentures, series B 6% convertibles, series C 5.85% convertibles and trust units, according to a trust news release.

The trust will repurchase up to 10% of each series of convertibles and up to 10% of the public float of its trust units.

There are C$45.76 million of the 6.25% convertibles, C$74.98 million of the 6% convertibles and C$70 million of the 5.85% convertibles currently outstanding.

Purchases can be made from time to time over the 12-month period beginning Nov. 16 and ending November 2010 and will be made at the market price at the time of acquisition.

Daily purchases of convertibles will not exceed C$7,980 principal amount of 6.25% convertibles, C$10,020 principal amount of 6% convertibles and C$15,387 principal amount of 5.85%, subject in each case to InnVest's ability to make block purchases under the rules of the Toronto Stock Exchange.

The trust plans to cancel any convertible purchased under the bids.

Purchases made under the issuer bids will be funded with available cash and undrawn credit facilities.

InnVest is based in Toronto and holds a portfolio of hotels and an interest in Choice Hotels Canada Inc.

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