TORONTO, June 10, 2015 /CNW/ - InnVest Real Estate Investment Trust ("InnVest") (TSX:INN.UN) announced today that it has filed a preliminary base shelf prospectus with the securities regulatory authorities in each of the provinces and territories of Canada. Once receipts for the final base shelf prospectus are obtained from provincial and territorial securities regulators, the final base shelf prospectus will be valid for a 25-month period, during which InnVest may offer trust units, debt securities, warrants and subscription receipts, or any combination thereof, having an aggregate offering price of up to $500 million. Any issue of securities under the shelf prospectus will require the filing of a prospectus supplement that will include specific terms of the securities being offered. InnVest intends to use the net proceeds of any sales of securities for the direct or indirect financing of future growth opportunities, including acquisitions and capital expenditures and/or repayment of indebtedness.
No securities may be sold nor may offers to buy be accepted prior to the time at which receipts for the final base shelf prospectus are obtained from provincial securities regulators. This news release does not constitute an offer to sell securities, nor is it a solicitation of an offer to buy securities in any jurisdiction.
This news release does not constitute an offer of securities for sale in the United States and the securities referred to in this news release may not be offered or sold in the United States absent a registration or an exemption from registration.
InnVest Real Estate Investment Trust is an unincorporated open-ended real estate investment trust which owns a portfolio of approximately 110 hotels across Canada representing over 15,000 guest rooms operated under internationally recognized brands. InnVest also holds a 50% interest in Choice Hotels Canada Inc., one of the largest franchisors of hotels in Canada.
InnVest's units and convertible debentures trade on the Toronto Stock Exchange (the "TSX") under the symbols INN.UN, INN.DB.E, INN.DB.F and INN.DB.G.
FORWARD LOOKING STATEMENTS
Statements contained in this press release that are not historical facts are forward-looking statements. These forward-looking statements include statements with respect to InnVest's assumptions and intentions for use of any net proceeds of any future sales of securities. These forward-looking statements are based on current expectations of management and involve risks and uncertainties which could cause actual results to differ materially from those expressed in the forward-looking statements. Among the key factors that could cause such differences are InnVest's capital requirements and available sources of funds, changes to InnVest's business strategy (including InnVest's ability to divest of assets for expected proceeds; achievement of plans to develop an optimal asset portfolio through completion of acquisitions and reinvestments in the portfolio; ability to achieve and maintain lower debt leverage target; and achieve return expectations on acquisitions and capital investments completed); and real estate investment risks. These and other factors are discussed in InnVest's annual information form, which is available at www.sedar.com. Although management of InnVest believes that the expectations with respect to such forward-looking statements are reasonable, such forward-looking statements are subject to known and unknown risks and uncertainties and, accordingly, there can be no assurance that such expectations will prove to be correct. Readers are cautioned that the foregoing list is not exhaustive. The forward-looking statements included herein are made as of the date hereof and InnVest disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required to do so by applicable securities law.
SOURCE InnVest Real Estate Investment Trust
For further information: George Kosziwka, Chief Financial Officer and Corporate Secretary, Tel: (416) 607-2336, Website: www.innvestreit.com