Log in
Login
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesHot NewsMost Read NewsRecomm.Business LeadersCalendar 

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

share with twitter share with LinkedIn share with facebook
share via e-mail
0
03/06/2013 | 03:21pm CEST
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
share with twitter share with LinkedIn share with facebook
share via e-mail
0
React to this article
Latest news
Date Title
05:04a E KONG : Monthly Return on Movements in Securities
05:04a AK STEEL : Hillary Clinton promises help for coal miners in Eastern Kentucky
05:04a SINGAPORE EXCHANGE : SGX welcomes second Perennial Real Estate retail bond offering
05:04a REPLACE - ANNUAL GENERAL MEETING : : Voluntary
05:02a EQT : signs $407M deal with Statoil for shale gas rights in W.Va.
05:01a Momo to Report First Quarter 2016 Results on May 17, 2016
04:59a TOTAL BANGUN PERSADA TBK PT : Summons of agm
04:59a IMX RESOURCES : Further update on Graphex Prospectus
04:59a RMG : Change of company details
04:59a Excel Corporation Divests Operations of Securus Subsidiary to Chyp
Latest news
Advertisement
Hot News 
Levi & Korsinsky, LLP Notifies Shareholders of DS Healthcare Group, Inc. of Class Action Lawsuit and a Lead Plaintiff Deadline of May 31, 2016
PETRO MATAD : Partner Exit from Blocks IV and V in Mongolia
SAREPTA THERAPEUTICS INC : Weekly Biotech Update from Market Exclusive Covering - Acadia Pharmaceuticals Inc. (NASDAQ:ACAD), Kempharm Inc. (NASDAQ:KMPH), Pfizer Inc. (NYSE:PFE), Sarepta Therapeutics Inc (NASDAQ:SRPT), Collegium Pharmaceutical Inc. (NASDAQ:COLL),
BIND THERAPEUTICS : Initiates Voluntary Chapter 11 Bankruptcy Protection Proceeding
Oracle to buy utility software maker Opower
Most Read News
08:34p RIO TINTO COAL AUSTRALIA PTY : reveals its largest violet diamond from the Argyle mine
06:12p GEARY COMPANY ADVERTISING : Campaign for Tunica Convention and Visitors Bureau Earns Top Honors at Mississippi Governor's Conference on Tourism
10:24p HAL HORTICULTURE AUSTRALIA : Expanded access for citrus exports to South Korea
06:50p BANK OF AMERICA CORPORATION : Filed Quarterly Report on Form 10-Q
06:01p AEGION CORPORATION : Reports 2016 First Quarter Financial Results
Most recommended articles
10:57pDJINDUSTRIAL AND COML BANK OF CHINA : & Commercial Bank of China Selling USD-Denominated Bonds via Singapore Branch -- Term Sheet
10:45pDJDeutsche Bank North America CEO Jacques Brand to Leave for PJT Partners
10:37p Oil prices rise as dollar slips to 18-month low against yen
10:11pDJChina April Caixin Manufacturing PMI 49.4 Vs 49.7 in March
10:00p China April factory activity contracts again, more layoffs - Caixin PMI