Member access

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesHot NewsMost Read NewsRecomm.Business LeadersVideosCalendar 

InnVest Real Estate Investment Trust : InnVest REIT Announces Exercise of Over-Allotment Option

03/06/2013 | 09:21am US/Eastern
Recommend:
0
For Immediate Release NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES INNVEST REIT ANNOUNCES EXERCISE OF OVER-ALLOTMENT OPTION Toronto, Canada (March 6, 2013) - InnVest Real Estate Investment Trust (the "REIT") (TSX: INN.UN), announced today that it has closed on the issuance of an additional $15 million aggregate principal amount of

5.75% convertible unsecured subordinated debentures, Series G due March 31, 2019 (the "Debentures"), pursuant to the exercise in full of the over-allotment option granted to the syndicate of underwriters co-led by RBC Capital Markets, BMO Capital Markets and CIBC, with RBC Capital Markets acting as sole bookrunner, in connection with the previously announced offering of $100 million aggregate principal amount of the Debentures, which closed on February 27, 2013. The exercise of the over-allotment option brings the total aggregate principal amount of Debentures issued by the REIT to $115 million. The Debentures are listed on the Toronto Stock Exchange (the "TSX") under the symbol "INN.DB.G".
As previously announced on February 27, 2013, the REIT issued a notice of redemption for its $75 million
6.00% convertible unsecured subordinated debentures, Series B due May 31, 2013. The balance of the net proceeds from the offering will be used by the REIT for general working capital purposes, which may include funding its capital improvement program.
This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities being offered have not been and will not be registered under the U.S. Securities Act of 1933 as amended and may not be offered or sold in the United States absent registration or pursuant to applicable exemption from registration.

Trust Profile

InnVest REIT is an unincorporated open-ended real estate investment trust which owns a portfolio of 135 hotels across Canada representing approximately 18,000 guest rooms operated under internationally recognized brands. InnVest REIT also holds a 50% interest in Choice Hotels Canada Inc., one of the largest franchisors of hotels in Canada.
InnVest REIT's units and convertible debentures trade on the TSX under the symbols INN.UN, INN.DB.B, INN.DB.C, INN.DB.D, INN.DB.E, INN.DB.F and INN.DB.G.

Forward Looking Statements

Statements contained in this press release that are not historical facts are forward-looking statements which involve risk and uncertainties which could cause actual results to differ materially from those expressed in the forward-looking statements. Among the key factors that could cause such differences are real estate investment risks, hotel industry risks, competition and the status of InnVest REIT as a Qualified REIT for Canadian federal income tax purposes in any year. These and other factors are discussed in InnVest REIT's annual information form for the year ended December 31, 2011, which is available at www.sedar.com. InnVest REIT disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required to do so by applicable securities law.

For further information

Chantal Nappert
Executive Director, Investor Relations
Tel: (905) 624-7806
Fax: (905) 206-7114
Website: www.innvestreit.com

distributed by
Recommend :
0
React to this article
Latest news
Date Title
4m ago ALBEMARLE : to present at the Jefferies 2014 Global Industrials Conference on August 13
5m ago CATALYST PAPER : Q2 results impacted by planned maintenance
6m ago South American leaders rally behind Argentina over debt
7m ago GBP/USD TECHNICAL ANALYSIS : Sellers Target 6-Month Support
7m ago USD/CHF TECHNICAL ANALYSIS : Aiming Above 0.91 Figure
13m ago FEMA Announces Correction on Proposed Flood Hazard Determinations for Sullivan County, New York
13m ago FEMA Announces Proposed Flood Hazard Determinations for Maricopa County, Arizona
13m ago FEMA Corrects Published Proposed Flood Hazard Determinations
13m ago FEMA Announces Correction on Proposed Flood Hazard Determinations for Plumas County, California
14m ago Penn West's board, new CFO initiate independent review of accounting practices
Latest news
Advertisement
Hot News 
STADIUM : makes Pounds 8m acquisition ; ACQUISITIONS coreena ford
GALECTIN THERAPEUTICS : Other Events, Financial Statements and Exhibits (form 8-K)
ESCHER : Half year trading update
BETTER CAPITAL PCC : Says Spicers To Transfer To OfficeTeam Fund
MOPOWERED : launches 3DS
Most Read News
2h ago FACEBOOK : Twitter assuages growth concerns for now as shares soar 35 pct
2h ago AMAZON : says lower ebook prices benefit authors, publishers
1h ago GENERAL MOTORS : GM sued over deaths, injuries linked to ignition switch
2h ago MOODY : Investment Services affirms Aa2 credit rating for Quebec
2h ago BUFFALO WILD WINGS : 2Q profit climbs 44 percent
Most recommended articles
5m ago South American leaders rally behind Argentina over debt
7m ago GBP/USD TECHNICAL ANALYSIS : Sellers Target 6-Month Support
7m ago USD/CHF TECHNICAL ANALYSIS : Aiming Above 0.91 Figure
18m agoDJAustralian Gold Miner Regis Expects Fiscal Year Loss Amid Writedowns
26m ago Asian shares sluggish, dollar holds firm before Fed
Dynamic quotes  
ON
| OFF