Retrocom Mid-Market REIT calls all 7.5% convertibles due 2012 at par

By Susanna Moon

Chicago, June 29 - Retrocom Mid-Market Real Estate Investment Trust said it will redeem all of its 7.5% convertible subordinated debentures due July 31, 2012 at par on Aug. 2.

The company also will pay accrued interest up to but excluding the redemption date, which will amount to C$0.41 per C$1,000 principal amount of the convertibles.

Retrocom priced C$40 million of 5.45% convertible debentures on June 8 with a C$6 million greenshoe. Proceeds were slated for the redemption of the 7.5% convertibles, planned redevelopment projects and general trust purposes.

The 7.5% convertibles are callable at any time beginning July 31, the company noted at the time.

Based in Toronto, Retrocom is a trust that focuses on owning and acquiring mid-market commercial properties in Canadian cities.

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