Plaza Retail REIT to call $34 million 5.75% convertible debentures

By Susanna Moon

Chicago, Feb. 21 – Plaza Retail Real Estate Investment Trust plans to redeem its $34 million of 5.75% convertible unsecured subordinated debentures due Dec. 31, 2018 using proceeds of a new issue.

The convertibles have a par call date of Dec. 31, 2017.

Plaza Retail sold $47.25 million principal amount of 5.1% convertible unsecured subordinated debentures due March 31, 2023, including the fully exercised greenshoe, according to a company announcement.

Proceeds will be used to repay amounts outstanding on the REIT's operating line of credit, to fund the REIT's future and ongoing development and redevelopment activities and for general trust purposes.

Plaza is a REIT based in Fredericton, N.B., that owns strip plazas, stand-alone small-box retail outlets and enclosed shopping centers.

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