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Melcor REIT - New Convertible Debenture

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Melcor REIT (MR.UN) is issuing $20M - 5.25% Extendible Convertible Unsecured Subordinated Debentures maturing Dec-31-2022. The conversion price is $11.50 compared to the curent price of $8.50 representing a 35% conversion premium.

The Debentures cannot be redeemed prior to Dec-31-2020. From Dec-31-2020, and prior to Dec-31-2021, the Debentures may be redeemed providing the average trading price of the common units exceeds 125% of the conversion price. From Dec-31-2021 to Dec-31-2022 prior to the Final Maturity Date, the Debentures may be redeemed at a price equal to par plus accrued interest.

This offering will close on or about Dec-21- 2017.

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