Real Estate — November 27, 2012Dundee REIT Announces Redemption of Convertible Debentures on December 31, 2012
TORONTO, ONTARIO--(Marketwire - Nov. 27, 2012) -
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
DUNDEE REIT (TSX:D.DB)(TSX:D.DB.A)(TSX:D.DB.B)(TSX:D.DB.G) today announced that it will redeem all of its outstanding 6.5% Convertible Unsecured Subordinated Debentures ("6.5% Debentures"), 2005-1 5.7% Convertible Unsecured Subordinated Debentures ("5.7% Debentures"), 6.0% Convertible Unsecured Subordinated Debentures ("6.0% Debentures") and 7.0% Series G Convertible Unsecured Subordinated Debentures ("7.0% Debentures", and collectively with the 6.5% Debentures, 5.7% Debentures and 6.0% Debentures, the "Debentures") on December 31, 2012 (the "Redemption Date").
The redemption price has been determined in accordance with the provisions of the indentures and supplemental indentures related to the Debentures. The redemption price will be paid in cash and will be equal to the aggregate of (i) $1,000 for each $1,000 principal amount of Debentures issued and outstanding on the Redemption Date and (ii) all accrued and unpaid interest on the Debentures to but excluding the Redemption Date (the "Redemption Price"). The aggregate principal amount currently outstanding for the Debentures is $133,712,000. Dundee REIT intends to use cash on hand to pay the Redemption Price.
Notice of redemption has been delivered to Computershare Trust Company of Canada, as indenture trustee, for the 6.5% Debentures, the 5.7% Debentures and the 6.0% Debentures in accordance with their indenture and supplemental indentures.
Notice of redemption has been delivered to BNY Trust Company of Canada, as indenture trustee, for the 7.0% Debentures in accordance with its indenture and supplemental indentures.
The Debentures are listed for trading on the Toronto Stock Exchange under the trading symbols "D.DB", "D.DB.A", "D.DB.B" and "D.DB.G", respectively. The 6.5% Debentures, the 6.0% Debentures and the 7.0% Debentures may be converted in accordance with their terms into units of Dundee REIT until 5:00 p.m. (Toronto time) on December 17, 2012. The 5.7% Debentures may be converted in accordance with their terms into units of Dundee REIT until they are redeemed on December 31, 2012.
Beneficial holders of Debentures should contact their investment dealer or other firm through which they hold Debentures if they have any questions about the redemption. No action is required to be taken by beneficial holders of Debentures if they wish to have their Debentures redeemed. However, if such beneficial holders wish to convert their Debentures before they are redeemed, they should contact their investment dealer or other firm through which they hold Debentures. Intermediaries such as investment dealers, banks, trust companies or other financial institutions who maintain their interests in the Debentures through CDS Clearing and Depository Services Inc. ("CDS") should contact their CDS customer service representative with any questions about the redemption.
Dundee REIT is an unincorporated, open-ended real estate investment trust. Dundee REIT is focused on owning, acquiring, leasing and managing well-located, high-quality central business district and suburban office properties. Its portfolio currently comprises approximately 22.4 million square feet of gross leasable area in major urban centres across Canada. Dundee REIT's portfolio is well diversified by geographic location and tenant mix. For more information, please visit www.dundeereit.com.
This press release may contain forward-looking information within the meaning of applicable securities legislation. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Dundee REIT's control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, general and local economic and business conditions; the financial condition of tenants; our ability to refinance maturing debt; leasing risks, including those associated with the ability to lease vacant space; and interest and currency rate functions. Our objectives and forward-looking statements are based on certain assumptions, including that the general economy remains stable, interest rates remain stable, conditions within the real estate market remain consistent, competition for acquisitions remains consistent with the current climate and that the capital markets continue to provide ready access to equity and/or debt. All forward-looking information in this press release speaks as of the date of this press release. Dundee REIT does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise. Additional information about these assumptions and risks and uncertainties is contained in Dundee REIT's filings with securities regulators, including its latest annual information form and MD&A. These filings are also available at Dundee REIT's website at www.dundeereit.com.
Dundee Real Estate Investment Trust
Michael J. Cooper
Vice Chairman and Chief Executive Officer
Dundee Real Estate Investment Trust
Senior Vice-President and Chief Financial Officer
Latest Industry Press Releases
Black Diamond Group Limited Announces May Dividend (2013-05-17)
CanWel Announces Election of Directors (2013-05-14)
Tree Island Announces Election of Directors (2013-05-13)
|MOST POPULAR STORIES|
- OPG $1 billion proposal to bury nuclear waste up for comment
- Hundreds of workers to be out of work as Caterpillar Inc. is set to close Toronto factory
- Construction on pedestrian tunnel to Billy Bishop Airport continues to make progress
- Ontario prompt payment bill to get second reading today
- Proposed Ambassador Bridge twinning draws Windsor mayor’s ire
- 20 Most Popular Stories
|TODAY’S TOP CONSTRUCTION PROJECTS|
These projects have been selected from 316 projects with a total value of $2,787,806,637 that Reed Construction Data Building Reports reported on Friday.
$90,000,000 Richmond Hill ON Prebid
$82,000,000 White River Twp ON Tenders
$40,650,000 Markham ON Prebid
- VIDEO: Competing in the trades
- Multi-employer approach needed in apprenticeships
- New Perspective
- ACEC’s input helps develop global engineering guidelines
- Clerk of works position gives peace of mind on projects
- World Trade Center developer’s plan for a 926-foot tower moving ahead
- Call for action after MOL says workers are responsible for their own safety
- Cold spring and weak construction hurt Deere’s 2013 predictions
- CanBIM reschedule June session
- More green roofs top Toronto buildings
- Witness recants testimony in Montreal corruption case
- Construction Site Arson
- Journal of Commerce Update for the week of May 20th, 2013
- Industry reacts to surprise B.C. Liberal majority
- Calgary Airport Tunnel
- Worker at centre of union sign up allegations speaks out
- Calgary program aims to get more people into the trades
- Midrise in the City
- Veterans battle barriers into the trades
- Government makes changes to online tendering
- SNC-Lavalin maintains that new bribery allegations have been resolved
- B.C. faces a tough battle for top talent
- Keyano College building state of the art training facility
- Essential skills can play a vital role in an apprentices' success
- Taking a closer look at the risks in green building for contractors
- Colleges conduct construction research in addition to teaching
- Skills Canada BC Competition
- Lower Mainland high school trades program is unique
- Construction Learning Forum aims to educate
- High schools looking for more industry participation
- Industrial construction supervisor program takes off
- Saskatchewan bill passed
- Edmonton garners support for regional cash for arena
- Feds pledge $5 million for Vimy memorial