FREDERICTON, NB, May 2, 2013 /CNW/ - Plazacorp Retail Properties Ltd. ("Plazacorp" or the "Company") (TSXV: PLZ) announced today that it has completed a private placement of $4 million in unsecured debentures (the "Debentures"). The Debentures have a five year term and bear interest at 5.00% per annum, payable monthly in arrears. Proceeds will be used: to match a loan provided to a vendor/major retailer as part of Plazacorp's purchase of development lands located in an important retail node in Dieppe, New Brunswick; to provide general financing to Plazacorp for acquisitions currently under contract in Quebec; and for general working capital purposes.
The Debentures are subject to a four month hold period which expires on June 27, 2013, August 16, 2013 and September 3, 2013 and are subject to final approval of the TSX Venture Exchange.
Plazacorp acquires, develops and redevelops unenclosed and enclosed retail real estate throughout Atlantic Canada, Quebec and Ontario, which are predominantly occupied by national tenants (approximately 90% of the total). The Company's portfolio includes interests in 119 properties totaling 5.2 million square feet and additional lands held for development. These include properties directly held by Plazacorp, its subsidiaries and through joint ventures.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: PLAZACORP RETAIL PROPERTIES LTD.
For further information:
For more information on Plazacorp, visit our website at
or contact: Michael Zakuta, President and Chief Executive Officer, at (514) 457- 0997 or Floriana Cipollone, Chief Financial Officer, at (416) 848-4583