Firm Capital plans normal course issuer bid for 6.25% convertibles

By Wendy Van Sickle

Columbus, Ohio, May 12 – Firm Capital American Realty Partners Corp. plans to hold a normal course issuer bid to purchase up to C$1,810,800 principal amount, or 10% of the public float, of its 6.25% convertible unsecured subordinated debentures due June 30, 2026, according to a company news release.

The bid is subject to the approval of the TSX Venture Exchange. If it is approved, the bid will remain in place for 12 months unless terminated earlier at the trust's discretion.

The trust said its board of trustees is of the opinion that recent market prices of its debentures do not reflect the underlying value of its assets and future prospects, and that repurchasing debentures is a way of creating unitholder value.

Firm Capital is a U.S.-focused real estate investment entity that pursues real estate and debt investments.

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