|By Marketwired .||
|May 2, 2014 09:10 AM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 05/02/14 -- InnVest Real Estate Investment Trust ("InnVest") (TSX: INN.UN) announced today that it will redeem all of its 5.85% Convertible Debentures scheduled to mature on August 1, 2014 (the "Debentures") on June 3, 2014 (the "Redemption Date"). On the Redemption Date, InnVest will pay to the holders of redeemed Debentures a redemption price equal to $1,019.55 for each $1,000 principal amount of Debentures, being equal to the aggregate of (i) $1,000 (the "Redemption Price"), and (ii) all accrued and unpaid interest thereon to, but excluding, the Redemption Date. The aggregate principal amount of Debentures currently outstanding is $70.0 million.
Formal notice of redemption is being delivered to the holders of Debentures in accordance with the terms of the trust indenture dated July 26, 2002 as supplemented by the third supplemental indenture dated August 3, 2007.
InnVest is an unincorporated open-ended real estate investment trust which owns a portfolio of 124 hotels across Canada representing approximately 15,500 guest rooms operated under internationally recognized brands. InnVest also holds a 50% interest in Choice Hotels Canada Inc., one of the largest franchisors of hotels in Canada.
InnVest's units and convertible debentures trade on the Toronto Stock Exchange (the "TSX") under the symbols INN.UN, INN.DB.C, INN.DB.D, INN.DB.E, INN.DB.F and INN.DB.G.
InnVest Real Estate Investment Trust
Vice President, Finance and Investor Relations
(905) 206-7114 (FAX)