Construction/Building — July 18, 2012Temple Real Estate Investment Trust Announces Increase to Previously Announced Series E Convertible Redeemable Unsecured Subordinated Debentures Issue
WINNIPEG, MANITOBA--(Marketwire - July 18, 2012) -
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE U.S.
Temple Real Estate Investment Trust ("TREIT" or the "REIT") (TSX VENTURE:TR.UN) announced on July 17, 2012 that it reached an agreement with a syndicate of underwriters led by National Bank Financial Inc. ("NBF" or the "Lead Underwriter") and including Laurentian Bank Securities Inc., Raymond James Ltd., Dundee Securities Corp., Mackie Research Capital Corp., Desjardins Securities Inc., MacDougall, MacDougall & MacTier Inc., and Macquarie Capital Markets Canada Ltd. (collectively, the "Underwriters") to issue $30 million of Series E convertible redeemable unsecured subordinated debentures (the "Debentures") on a bought deal basis (the "Offering").
TREIT is announcing today that its previously announced Offering has been increased to $40 million at a price of $1,000 per Debenture under the same terms (the "Upsized Offering"). The Debentures have a maturity date of September 30, 2017. The Debentures have a coupon of 7.25% per annum and will pay interest semi-annually in arrears on March 31 and September 30 in each year commencing on March 31, 2013. Each $1,000 principal amount of Debenture is convertible into approximately 125.000 units of TREIT, at any time, at the option of the holder, representing a conversion price of $8.00 per unit. TREIT has also granted the Underwriters an over-allotment option exercisable at any time up to the date that is 30 days from the date of closing of the Upsized Offering to offer for sale up to an additional $6 million aggregate principal amount of Debentures on the same terms and conditions (the "Over Allotment Option").
TREIT will use the net proceeds from the Upsized Offering to fund additional acquisitions of income-producing hotel properties, to repay existing debt, for general trust purposes, and for working capital.
The terms of the Upsized Offering will be described in a short form prospectus to be filed with Canadian securities regulators on or about July 23, 2012. The Upsized Offering is expected to close on or about August 8, 2012, and is subject to certain conditions including, but not limited to, the receipt of all regulatory approvals including the approval of the TSX Venture Exchange and securities regulatory authorities. This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities in any jurisdiction. The Debentures will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
TREIT is a real estate investment trust, which is currently listed on the TSX Venture Exchange under the symbols TR.UN (trust units), TR.DB.B, TR.DB.C, TR.DB.D and TR.DB.S (convertible debentures), however as disclosed on June 26, 2012, TREIT has received conditional approval to be listed on the TSX. The objective of TREIT is to provide Unitholders with stable cash distributions from investment in a diversified portfolio of hotel properties and related assets. For further information on TREIT, please visit our website at www.treit.ca.
This press release contains certain statements that could be considered as forward-looking information. The forward-looking information is subject to certain risks and uncertainties, which could result in actual results differing materially from the forward-looking statements.
Temple Real Estate Investment Trust
Chief Executive Officer
(204) 452-5505 (FAX)
Temple Real Estate Investment Trust
(204) 452-5505 (FAX)
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