FREDERICTON, Sept. 3 /CNW/ - Plazacorp Retail Properties Ltd. (PLZ:TSX
Venture Exchange) announced today that it intends to raise $5 million through
a convertible debenture offering. The debentures, which bear interest at 8.0%
per annum, payable quarterly, will mature on October 14, 2014 and will be
convertible into Plazacorp common shares at the option of the holder at any
time at $3.40 per common share. Plazacorp will also have the right to redeem
the debentures after October 14, 2012 under certain terms and conditions. Net
proceeds from the sale will be used to finance future acquisitions, to retire
existing debt and for general corporate purposes.
"These convertible debentures will provide us with a source of funds to
continue to grow and diversify our portfolio by developing high quality
projects leased to some of Canada's best retailers. This will allow us to
continue to pursue our goal of delivering a reliable and growing dividend to
our shareholders", said Plazacorp President and CEO Michael Zakuta.
The debentures will be offered to Canadian Residents in reliance on
statutory exemptions from prospectus and registration requirements. The
debentures are RRSP eligible and are subject to the approval of the TSX
Plazacorp Retail Properties Ltd. is an owner of shopping malls and strip
plazas throughout the Atlantic Provinces, Québec and Ontario. Plazacorp, as at
September 3, 2009 now owns interests in 98 properties comprising 4.4 million
square feet of retail real estate.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
For further information:
For further information: Earl Brewer, Chairman; Kim Sharpe, Director of
Business Development, (506) 451-1826; www.plaza.ca