| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers S > Headlines for Slate Office REIT > News item |
Slate Office REIT seeks to push 5.25% convertibles out three years
By Wendy Van Sickle
Columbus, Ohio, Dec. 20 – Slate Office REIT is proposing to amend the terms of its 5.25% convertible unsecured subordinated debentures due Feb. 28, 2023 to extend the maturity date by three years, among other things, according to a news release.
The company is also seeking to increase the interest rate to 9%; decrease the conversion price to C$5.50 from C$10.53 per REIT unit; and provide that the debentures are not redeemable before Feb. 28, 2025, after which they will be redeemable at par plus interest. The new maturity date would be Feb. 28, 2026.
The REIT is soliciting consents and proxies from the holders of the debentures to pass an extraordinary resolution to approve the amendments. If holders representing not less than 66 2/3% of the principal amount of the debentures deliver valid consents and proxies voting for approval of the extraordinary resolution by Jan. 26, the extraordinary resolution will be passed and no meeting of holders will be held.
Otherwise, a meeting will be held on Jan. 27 for holders to vote on the extraordinary resolution.
Approval of the extraordinary resolution at the meeting requires at least 66 2/3% principal amount of the debentures represented in person or by proxy to vote in its favor. The quorum required is representation of at least 25% of the principal amount of the debentures.
The company is offering a consent fee of C$5 for each C$1,000 principal amount to holders who deliver consents by 5 p.m. ET on Jan. 20.
The record date is 5 p.m. ET On Dec. 21.
Kingsdale Advisors (800-775-1986 or by email at corpaction@kingsdaleadvisors.com) is the solicitation agent and tabulation agent.
Slate Office is a Toronto-based real estate investment trust that owns strategic real estate assets mostly located in Canada’s major population centers.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.