EDMONTON, Alberta, Dec. 23, 2022 (GLOBE NEWSWIRE) — Melcor Real Estate Investment Trust (“the REIT” – TSX: MR.UN) today announced that it will repay in cash the total outstanding principal amount of the 5.25% unsecured convertible debentures, together with all accrued and unpaid interest. The payout of $23.58 million will occur by December 31, 2022 and will be made using capital available on the REIT’s line of credit.
Naomi Stefura, the REIT’s Chief Financial Officer commented: “With the current market conditions, we determined that using our line of credit was the best option for repaying the debenture coming due at the end of December. We will review the opportunity for a new debenture when market conditions improve.”
About Melcor REIT
Melcor REIT is an unincorporated, open-ended real estate investment trust. Melcor REIT owns, acquires, manages and leases quality retail, office and industrial income-generating properties in western Canada. Its portfolio is currently made up of interests in 39 properties representing approximately 3.2 million square feet of gross leasable area located across Alberta and in Regina, Saskatchewan and Kelowna, British Columbia. For more information, please visit www.melcorREIT.ca.
Director, Corporate Communications