TORONTO, ONTARIO–(Marketwired – Jan. 28, 2015) – InnVest Real Estate Investment Trust (“InnVest”) (TSX:INN.UN) announced today that it will redeem all of its 6.75% Convertible Debentures, Series D, scheduled to mature on March 31, 2016 (the “Debentures”) on March 3, 2015 (the “Redemption Date”). On the Redemption Date, InnVest will pay to the holders of redeemed Debentures a redemption price equal to approximately $1,028.47 for each $1,000 principal amount of Debentures, being equal to the aggregate of (i) $1,000 (the “Redemption Price”), and (ii) all accrued and unpaid interest thereon to, but excluding, the Redemption Date. The aggregate principal amount of Debentures currently outstanding is approximately $36.4 million.
Formal notice of redemption is being delivered to the holders of Debentures in accordance with the terms of the trust indenture dated July 26, 2002 as supplemented by the fourth supplemental indenture dated December 30, 2009.
The Debentures trade in the book-based system of CDS Clearing and Depository Services Inc. and accordingly, holders need not take any action in order to receive the Redemption Price. Alternatively, holders may convert the principal of their Debentures at any time prior to 4:00 p.m. (Toronto time) on Monday, March 2, 2015 at a conversion price of $5.70 per InnVest unit, being a conversion rate of approximately 175.44 units per $1,000 principal amount of Debentures.
InnVest is an unincorporated open-ended real estate investment trust which owns a portfolio of approximately 110 hotels across Canada representing over 14,000 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.D, INN.DB.E, INN.DB.F and INN.DB.G.
Vice President, Finance and Investor Relations
(905) 206-7114 (FAX)