TransGlobe Apartment to solicit consents to redeem 5.4% convertibles

By Susanna Moon

Chicago, May 10 - TransGlobe Apartment Real Estate Investment Trust said it plans to solicit consents from holders to redeem its 5.4% convertible unsecured subordinated debentures under an acquisition agreement with PD Kanco LP and Starlight Investments Ltd.

The acquisition is expected to constitute a change of control under the trust indenture governing the notes, according to an earnings release for the first quarter ended March 31.

Under the merger terms, the REIT said it agreed to hold a consent solicitation or a meeting of holders to redeem the debentures and, if necessary, to exercise its defeasance right.

Calgary, Alta.-based TransGlobe is an oil and gas exploration and development company focused on the Middle East and North Africa.

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