Partners REIT Announces Exercise of Over-Allotment Option
March 14 2011 - 7:45AM
PR Newswire (Canada)
VICTORIA, March 14 /CNW/ -- NOT FOR DISSEMINATION TO U.S. NEWS WIRE
SERVICES OR DISSEMINATION IN THE UNITED STATES VICTORIA, March 14
/CNW/ - Partners Real Estate Investment Trust (the "REIT" or
"Partners REIT") (TSXV: PAR.UN) is pleased to announce that the
underwriters of its previously announced offering (the "Offering")
of $25,000,000 aggregate principal amount of 8.0% extendible
convertible unsecured subordinated debentures have delivered a
notice of intention to exercise in full their over-allotment option
which will result in the issuance of an additional $3,750,000
aggregate principal amount of debentures, for a total issuance of
$28,750,000 aggregate principal amount of debentures (the
"Debentures"). The closing of the over-allotment option is expected
to take place on or about March 15, 2011 and is subject to certain
conditions precedent. Part of the net proceeds of the Offering were
used to repay an $8,600,000 secured loan, and the balance will be
used to purchase six properties (the "Acquisition") and for future
acquisitions and general trust working capital purposes. The
Debentures have an initial maturity date of April 30, 2011 which
will automatically be extended to March 31, 2016 upon the closing
of the Acquisition. The Debentures bear interest at a rate of 8.0%
per annum, payable semi-annually, and are convertible at the option
of the holder into Units of the REIT at an initial conversion price
of $2.20 per Unit, being a ratio of 454.5455 Units per $1,000
principal amount of Debentures. The Offering was co-led by TD
Securities Inc. and CIBC, and including Dundee Securities Ltd.,
Macquarie Capital Markets Canada Ltd., Scotia Capital Inc.,
National Bank Financial Inc., Canaccord Genuity Corp., Raymond
James Ltd. and Brookfield Financial Corp. About Partners REIT
Partners REIT is a growth-oriented real estate investment trust,
currently comprised of ten retail properties well located in
Ontario and Quebec aggregating approximately 1.1 million square
feet of leaseable space. It focuses on expanding and managing
a portfolio of retail and mixed-use community and neighbourhood
shopping centres located in both primary and secondary markets
across Canada. Forward-looking Statements Certain statements
included in this press release constitute forward-looking
statements, including, but not limited to, those identified by the
expressions "expect," "will" and similar expressions to the extent
they relate to Partners REIT. The forward-looking statements are
not historical facts but reflect Partners REIT's current
expectations regarding future results or events. These
forward-looking statements are subject to a number of risks and
uncertainties that could cause actual results or events to differ
materially from current expectations, including the closing of the
over-allotment option, the listing of the additional Debentures,
the use of proceeds of the offering, access to capital, regulatory
approvals, intended acquisitions and general economic and industry
conditions. Although Partners REIT believes that the assumptions
inherent in the forward-looking statements are reasonable,
forward-looking statements are not guarantees of future performance
and, accordingly, readers are cautioned not to place undue reliance
on such statements due to the inherent uncertainty therein. This
news release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be
any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction. The
securities offered have not been and will not be registered under
the United States Securities Act of 1933, as amended (the "1933
Act"), and may not be offered or sold within the United States or
to, or for the account or benefit of, U.S. persons, except in
certain transactions exempt from the registration requirements of
the 1933 Act. Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. To view this news release in HTML
formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/March2011/14/c2434.html
pPatrick Miniutti, President and Chief Operating Officer (250)
595-9328/p
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