Construction/Building — January 21, 2013Temple Hotels Inc. Announces $35 Million Offering of Series F Convertible Redeemable Unsecured Subordinated Debentures
WINNIPEG, MANITOBA--(Marketwire - Jan. 21, 2013) -
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE U.S.
Temple Hotels Inc. ("Temple")(TSX:TPH) today announced that it has reached an agreement with a syndicate of underwriters co-led by National Bank Financial Inc. and BMO Capital Markets, and including Raymond James Ltd., Laurentian Bank Securities Inc., Macquarie Capital Markets Canada Ltd., Desjardins Securities Inc., Dundee Securities Corp., and Mackie Research Capital Corp. (collectively, the "Underwriters") to issue $35 million of Series F convertible redeemable unsecured subordinated debentures (the "Debentures") on a bought deal basis (the "Offering"). Temple has also granted the Underwriters an over-allotment option exercisable at any time up to the date that is 30 days from the date of closing of the Offering to offer for sale up to an additional $5.25 million aggregate principal amount of Debentures on the same terms and conditions.
The Debentures have a maturity date of March 31, 2018. The Debentures have a coupon of 7.00% per annum and will pay interest semi-annually in arrears on March 31 and September 30 in each year commencing on September 30, 2013. Each $1,000 principal amount of Debenture is convertible into approximately 128.205 shares of Temple, at any time, at the option of the holder, representing a conversion price of $7.80 per share.
Temple will use the net proceeds from the Offering to fund additional acquisitions of income-producing hotel properties, to repay existing debt, for general corporate purposes, and for working capital.
The terms of the Offering will be described in a short form prospectus to be filed with Canadian securities regulators on or about February 1, 2013. The Offering is expected to close on or about February 12, 2013, and is subject to certain conditions including, but not limited to, the receipt of all regulatory approvals including the approval of the Toronto Stock Exchange ("TSX") and securities regulatory authorities. This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities in any jurisdiction. The Debentures will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
Temple is a real estate investment company listed on the TSX under the symbols TPH (shares), TPH.DB.B, TPH.DB.C, TPH.DB.D and TPH.DB.E (convertible debentures). The objective of Temple is to provide Shareholders with stable cash dividends from investment in a diversified portfolio of hotel properties and related assets. For further information on Temple, please visit our website at www.templehotels.ca.
This press release contains certain statements that could be considered as forward-looking information. The forward-looking information is subject to certain risks and uncertainties, which could result in actual results differing materially from the forward-looking statements.
Temple Hotels Inc.
Chief Executive Officer
(204) 452-5505 (FAX)
Temple Hotels Inc.
(204) 452-5505 (FAX)
Latest Industry Press Releases
Superior Plus Announces March 2014 Cash Dividend (2014-03-06)
Retrocom REIT Announces 2013 Results (2014-03-06)
|MOST POPULAR STORIES|
|TODAY’S TOP CONSTRUCTION PROJECTS|
These projects have been selected from 527 projects with a total value of $1,552,331,732 that Reed Construction Data Building Reports reported on Friday.
$120,000,000 Oakville ON Tenders
$48,225,000 Etobicoke ON Prebid
$40,000,000 Ottawa ON Negotiated
- CCA96th: Unlocking Canada's Potential
- VIDEO: LiUNA Local 183 Training Centre introduces new programs
- Wins delivered on infrastructure front: Rizzardo
- Behind the Velodrome’s Veil
- Ontario’s prompt payment bill needs work but supported
- Southwest L-evation
- Post-bid clarifications make feds liable for bid repair
- Panama Construction Fact for Today
- Ritchie Bros. hold first Canadian auction of 2014
- Skilled labour needs changing in Saskatchewan
- Quebec’s construction momentum ebbs after 15 years of expansion
- VIDEO: Canadian Construction Association conference Panama preview
- Concerns raised about P3 approach for Saskatchewan schools
- Journal of Commerce Preview for the week of March 10th, 2014
- Wood Design Awards
- Lone bidder prepares P3 proposal for Alberta schools
- Outgoing chair reflects on time at the helm of the CCA
- School board asks for traditional procurement
- Site Services in Vancouver
- Looking to improve contract awards
- Environmental verdict riles Taseko
- Prentice to mediate First Nations agreements
- CAWIC funded to create action plan to attract women
- More video surveillance used on construction sites
- Modular workforce housing meets Alberta Building Code standard
- Manitoba outlines infrastructure plan
- BC Hydro posts RFQ for Site C project