Non-brokered sale fixed alongside a C$50 million public sale of units
By Devika Patel
Knoxville, Tenn., Feb. 26 – Slate Retail REIT said on Wednesday that it plans a C$10 million non-brokered private placement of units.
The company will sell 769,230 class U trust units at C$13.00 apiece, which is a 23.81% premium to the closing share price of C$10.50 on Feb. 24.
The company also plans a C$50 million concurrent public sale of 3.85 million units at the same price as those sold in the placement. The public offering, with a C$6 million greenshoe, will be conducted by a syndicate of underwriters led by joint bookrunners CIBC and GMP Securities on a bought-deal basis.
Proceeds from both sales will be used to repay debt under the REIT's credit facilities.
Toronto-based Slate Retail is an open-ended real estate investment trust that focuses on U.S. grocery-anchored real estate.
| Issuer: | Slate Retail REIT
|
| Issue: | Class U trust units
|
| Amount: | C$10 million
|
| Units: | 769,230
|
| Price: | C$13.00
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | Feb. 25
|
| Stock symbol: | Toronto: SRT.U
|
| Stock price: | C$10.50 at close Feb. 24
|
| Market capitalization: | C$176.51 million
|
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