Royal Host to begin normal course issuer bid for convertibles

By Angela McDaniels

Tacoma, Wash., Sept. 8 - Royal Host Real Estate Investment Trust plans to make a normal course issuer bid for its 6% convertible unsecured subordinated debentures due Oct. 31, 2015, 6.25% convertible unsecured subordinated debentures due Sept. 30, 2013 and 5.9% convertible unsecured subordinated debentures due June 30, 2014.

The bid will begin Sept. 10 and terminate on Sept. 9, 2011, according to a company news release.

Purchases will be made from time to time, and repurchased convertibles will be canceled.

The company will purchase up to 10% of the public float of each series of convertibles under the bid. As of Sept. 8, the public float issued and outstanding was C$41,634,100 of 6% convertibles, C$50,103,000 of 6.25% convertibles and C$53,327,000 of 5.9% convertibles.

Royal Host will pay prevailing market prices for the convertibles.

The company said it has purchased C$671,000 of the 6% convertibles, C$2.76 million of the 6.25% convertibles and C$673,000 of the 5.9% convertibles during the last 12 months at weighted average prices of C$72.83, C$82.13 and C$69.26, respectively.

Royal Host is a hospitality trust based in Halifax, N.S.

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