By Sheri Kasprzak
New York, July 8 - Corporate Properties Ltd. said it has received a new short-term debt agreement for $4,887,500.
The short-term debt agreement replaces all of Corporate Properties' existing short-term debt.
The debt matures on Jan. 31, 2008, bears interest at 6% annually and is convertible into common shares at $1.10 for each dollar of debt through Jan. 31, 2007.
In other news, the company's board of directors also approved a stock options plan for six directors. The directors have the option to buy 25,000 shares each at $1.10 for two years.
Based in Toronto, Corporate Properties is a real estate company for industrial and corporate clients.
| Issuer: | Corporate Properties Ltd.
|
| Issue: | Short-term debt
|
| Amount: | $4,887,500
|
| Maturity: | Jan. 31, 2008
|
| Coupon: | 6%
|
| Price: | Par
|
| Yield: | 6%
|
| Conversion price: | $1.10 of stock per $1.00 of debt through Jan. 31, 2007
|
| Warrants: | No
|
| Settlement date: | July 8
|
| Stock price: | $1.10 at close July 8
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
