By Sheri Kasprzak
Atlanta, June 7 - Plazacorp Retail Properties Ltd. said it plans to raise up to C$8 million in a private placement of subordinated debentures.
The debentures mature in five years and one month and bear interest at 8% annually. The debentures are being offered to investors in Alberta, British Columbia, New Brunswick, Nova Scotia, Ontario, Prince Edward Island and Quebec.
The company may redeem up to half the debentures on the third and fourth anniversary of the initial closing.
The first closing of the offering is scheduled for June 30.
Plazacorp plans to use the proceeds to acquire and develop retail real estate. The remainder will be used for general corporate purposes.
Based in Fredericton, N.B., Plazacorp develops shopping malls and strips in Quebec and the Atlantic portions of Canada.
| Issuer: | Plazacorp Retail Properties Ltd.
|
| Issue: | Subordinated debentures
|
| Amount: | C$8 million (maximum)
|
| Maturity: | Five years
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| Coupon: | 8%
|
| Price: | Par
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| Yield: | 8%
|
| Call: | Redeemable at the third and fourth anniversaries for up to half of the debentures
|
| Warrants: | No
|
| Pricing date: | June 7
|
| Settlement date: | June 30 (first closing)
|
| Stock price: | C$1.95 at close June 6
|
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