07 Oct BTB Real Estate Investment Trust announces closing of offering of $24,000,000 issue of convertible debentures
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Montreal, Québec (October 7, 2019): BTB Real Estate Investment Trust (TSX: BTB.UN) (“BTB”) is pleased to announce today that it has closed its previously announced bought deal public offering of $24,000,000 aggregate principal amount of Series G 6.00% Convertible Unsecured Subordinated Debentures (the “Debentures”).
The Debentures will be traded on the Toronto Stock Exchange under the symbol BTB.DB.G.
BTB is a real estate investment trust listed on the Toronto Stock Exchange. BTB is an important owner of properties in Eastern Canada. As at October 7, 2019, BTB owns 66 commercial, office and industrial properties for a total leasable area of approximately 5.7 million square feet. BTB’s asset value is approximately $900 million. The objectives of BTB are: i) to grow its revenues from its assets to increase distributable income and therefore fund distributions; (ii) to maximize the value of its assets through dynamic management of its properties in order to sustain the long-term value of its units; and (iii) to generate cash distributions that are fiscally beneficial to unitholders.
BTB offers a distribution reinvestment plan to unitholders whereby the participants may elect to have their monthly cash distribution reinvested in additional units of BTB at a price based on the weighted average price for BTB’s units on the Toronto Stock Exchange for the five trading days immediately preceding the distribution date, discounted by 3%.
The Debentures and the underlying units have not been and will not be registered under the United States Securities Act of 1933, as amended and accordingly will not be offered, sold or delivered, directly or indirectly within the United States, its possessions and other areas subject to its jurisdiction or to, or for the account or for the benefit of a U.S. person, except pursuant to applicable exemptions from the registration requirements.
For more information, visit BTB’s website at www.btbreit.com.
|Mr. Michel Léonard
President and Chief Executive Officer
514-286-0188, ext. 228
|Mr. Benoit Cyr
Vice President and Chief Financial Officer
514-286-0188, ext. 230