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
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
React to this article
Latest news
Date Title
05:26aDJEurozone Manufacturing Activity Picks Up
05:26a Euro Mixed Following Eurozone PMI
05:26a KENMARE RESOURCES : Power Restored to Kenmare Resources Mine
05:26aDJOil Prices Slip as U.S.-Iran Nuclear Talks Continue Past Deadline
05:25a FUJITSU : Develops Technology that Identifies Applicable Areas from Within Materials Being Discussed
05:25a CLOUDBUY : Says Indian Platform To Launch, Wins New Deal In Country
05:24a RENEURON : Reduces Board, But Bolsters Management Team
05:23a BRIGHTOIL PETROLEUM : (Headline Revised) Announcement Pursuant to Rule 13.09(2) of Listing Rules and Part Xiva of Disclosure inside Information of SFO and Resumption of Trading
05:23a OTP BANK NYRT : Securities transaction of senior officer
05:23a FOSUN : MONTHLY RETURN AS AT 31 March 2015
Latest news
Advertisement
Hot News 
CEB RESOURCES : Sale of Interest in Balamara Resources Limited
REAL GOOD FOOD : Trading Update
HYDRODEC : To Acquire Eco-Oil International For GBP2.4 Million
ARIANA RESOURCES : Excellent Results from Salinbas Scoping Study
NATUREX : Number of shares and voting rights as at 31 January 2015
Most Read News
03/31 Wall St. drops but S&P, Nasdaq register quarterly gains
03/31 DEUTSCHE LUFTHANSA : Nick Clegg: don’t let Andreas Lubitz distort views about mental illness
03/31 FOREMOST INCOME FUND : Reports 2014 Results
03/31 SHANTA GOLD : New Loan Facilities
03/31 NEW FLYER : Winnipeg Bargaining Unit Collective Bargaining Agreement Extension
Most recommended articles
05:22a Oil prices slip under $55 as Iran talks extend beyond deadline
05:16aDJIndia to Stock Up on Oil Amid Low Prices
05:10aDJOil Prices Slip as U.S.-Iran Nuclear Talks Continue Past Deadline
05:09aDJASIA MARKETS : Chinese Stocks Close Above 3,800 For First Time Since 2008
05:07a Over 100 business bosses back PM Cameron's Conservatives ahead of election
Dynamic quotes  
ON
| OFF