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).
ABOUT PLAZACORP
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.
More information about Plazacorp can be found on our website at www.plaza.ca or at www.sedar.com.
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.
Visit our website at: www.plaza.ca
Or contact:
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
Fredericton, NB
E3B 1B8
Copyright CNW Group 2013