Artis announces Sept. 21 put option for 5% convertibles due 2014

By Angela McDaniels

Tacoma, Wash., Aug. 21 - Artis Real Estate Investment Trust amended the terms of its 5% series D convertible subordinated debentures due Nov. 30, 2014 to provide each holder with a put option, according to a company news release.

The put option can be exercised until 5 p.m. ET on Sept. 19. Holders who do so will receive par plus accrued interest up to but excluding the payment date, which will be Sept. 21.

The conversion price is C$17.75 per unit. Artis units closed at C$17.03 (Toronto: AX.UN) on Aug. 20.

Artis is a Winnipeg, Man.-based REIT that invests in office, industrial and retail properties.

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