TORONTO, July 3, 2013 /CNW/ - Plazacorp Retail Properties Ltd. (TSX: PLZ) ("Plazacorp"), as successor to KEYreit under the debenture repurchase offer made by KEYreit on May 22, 2013 (the Offer"), is pleased to announce that $3,779,000 principal amount of the 7.75% convertible unsecured subordinated debentures of Plazacorp due December 31, 2014 (the "2009 Debentures"), $2,845,000 principal amount of the 8.00% convertible unsecured debentures of Plazacorp due December 31, 2016 (the "2011 Debentures") and $3,639,000 principal amount of the 7.00% convertible unsecured debentures of Plazacorp due December 31, 2017 (the "2012 Debentures" and, together with the 2009 Debentures and the 2011 Debentures, the "Debentures") were tendered to the Offer.
Plazacorp, as successor to KEYreit, has taken up the Debentures that were tendered to the Offer and payment will be made for those Debentures on or before July 8, 2013. Debentureholders who tendered their Debentures will receive cash equal to 101% of the principal amount of the Debentures that they tendered to the Offer plus accrued and unpaid interest on those Debentures.
As previously disclosed, any Debentures that were not tendered to the Offer will continue to trade as Debentures of Plazacorp on the Toronto Stock Exchange under the symbol "PLZ.DB.A" (for the 2009 Debentures), "PLZ.DB.B" (for the 2011 Debentures) and "PLZ.DB.C" (for the 2012 Debentures).
Plazacorp is a mutual fund corporation that is a leading retail property owner and developer, particularly in Eastern Canada. Plazacorp has an entrepreneurial focus with strong "value-add" capabilities. Plazacorp's current portfolio includes interests in 347 properties totaling approximately 6.4 million square feet across Canada and additional lands held for development. Plazacorp's properties include a mix of strip plazas, stand-alone small box retail outlets and enclosed shopping centres, anchored by approximately 90% national tenants. Total assets have reached almost $1 billion. Plazacorp is fully internalized, therefore providing shareholders directly with the synergies that come with an internalized management structure. Plazacorp has proven its strong "value-add" capabilities to develop, redevelop and acquire retail real estate throughout Canada. Plazacorp has a strong track record of generating growth in distributions, having increased its distributions at least once every year in the last 10 years.
CAUTIONARY STATEMENTS REGARDING FORWARD LOOKING INFORMATION
This news release contains forward looking statements relating to our operations and the environment in which we operate, which are based on our expectations, estimates, forecasts and projections. These statements are not future guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward looking statements. Readers, therefore, should not place undue reliance on any such forward looking statements. Further, a forward looking statement speaks only as of the date on which such statement is made. We undertake no obligation to publicly update any such statement, to reflect new information or the occurrence of future events or circumstances, except for forward-looking information disclosed in prior disclosures which, in light of intervening events, requires further explanation to avoid being misleading.
SOURCE: Plazacorp Retail Properties Ltd.
For further information:
Visit our website at: www.plaza.ca
Michael Zakuta (President and CEO) at (514) 457-0997 ext #228, or
Floriana Cipollone (Chief Financial Officer) at (416) 848-4583
Plazacorp Retail Properties Ltd.
527 Queen Street, Suite 200