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Melcor REIT - 5.1% Convertible Debenture New Issue

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Melcor REIT (MR.UN, MR.DB.A) has issued $40M, 5.1% convertible unsecured subordinated debentures maturing Dec-31-2024. The conversion price of $8.90 is a 15% premium to the current share price of $7.73.

The debentures are not redeemable prior to Dec-31-2022. After Dec-31-2022 and prior to Dec-31-2023, the debentures may be redeemed providing the common shares are priced at 125% of the redemption price. After Dec-31-2023 and up to the maturity date of Dec-31-2024 the debentures are redeemable at par. The debentures can be settled in shares of MR at the option of MR.UN at maturity

Should there be a takeover offer for more than 50% of the common shares the debentures, the debenture holders can require MR.UN to repurchase the convertible debentures at par.

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