Artis REIT calls all C$7.35 million of its 7.5% series E convertibles

By Tali David

Minneapolis, May 29 - Artis Real Estate Investment Trust plans to redeem all C$7,351,000 of its five-year 7.5% series E convertible redeemable unsecured subordinated debentures due June 30, 2014, according to a press release.

The redemption date is June 30.

The convertibles will be redeemed at C$1,037.50, equal to par plus accrued interest, the company said.

The debentures remain convertible into trust units of Artis at any time before the close of business on June 26 at a conversion price of C$9.30 per unit. This is a conversion rate of 107.527 units per C$1,000 principal amount of the debentures.

The company's units closed at C$16.12 (Toronto: AX.UN) on Tuesday.

Artis is a Winnipeg, Man.-based REIT focused on commercial properties, including office, industrial and retail space.

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