Cominar greenshoe exercised, lifting convertibles to C$86.25 million

By Marisa Wong

Milwaukee, Jan. 12 - Cominar Real Estate Investment Trust announced that the underwriters of its previously announced public offering of convertible unsecured subordinated debentures due 2017 exercised the C$11.25 million over-allotment option in full, increasing the size of the offering to C$86.25 million. The offering closed on Tuesday, according to a news release.

Cominar priced C$75 million of 7.5-year convertible debentures on Dec. 18 to yield 5.75% with an initial conversion premium of 30%.

The offering was made by a syndicate of underwriters led by National Bank Financial Inc. and BMO Capital Markets.

Net proceeds from the debentures total C$82.7 million. Proceeds will be used to pay down debt outstanding under current credit facilities and to finance future acquisitions and developments.

Cominar is a commercial property owner and manager based in Quebec City, Quebec.

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