KILLAM PROPERTIES INC. TO REDEEM 6.5% CONVERTIBLE DEBENTURES
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
HALIFAX, Nov. 8 /CNW/ - Killam Properties Inc. ("Killam" or the "Corporation") (TSX:KMP/KMP:DB) today announced that it is exercising its right to redeem all of its outstanding 6.5% Convertible Unsecured Subordinated Debentures due May 2012 (the "Debentures") pursuant to Section 4.3 of the trust indenture (the "Indenture") dated as of May 5, 2005 between the Corporation and Computershare Trust Company of Canada.
The redemption date for the Debentures will be December 13, 2010 (the "Redemption Date"). The redemption payment amount of $1,029.38 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 (collectively, the "Total Redemption Price"), will be paid in cash on the Redemption Date.
The Total Redemption Price will be payable upon presentation and surrender of the Debentures at the following corporate trust office:
Computershare Trust Company of Canada
1969 Upper Water Street
Suite 2008, Purdy's Wharf Tower II
Halifax, Nova Scotia
B3J 3R7
The interest upon the principal amount of Debentures called for redemption shall cease to be payable from and after the Redemption Date, unless payment of the Total Redemption Price shall not be made on presentation for surrender of such Debentures at the above-mentioned corporate trust office on or after the Redemption Date or prior to the setting aside of the Total Redemption Price pursuant to the Indenture.
Killam Properties Inc., based in Halifax, Nova Scotia, is one of Canada's largest residential landlords, owning and operating multi-family apartments and manufactured home communities.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction. The common shares of Killam have not and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), or the securities laws of any state of the United States, and may not be offered or sold in the United States or to any U.S. person absent registration or an applicable exemption therefrom under the 1933 Act and the securities laws of all applicable states.
Note: The Toronto Stock Exchange has neither approved or disapproved of the information contained herein.
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For further information:
Killam Properties Inc.
Dale Noseworthy
Vice President, Investor Relations & Corporate Planning
(902) 442-0388
[email protected]
www.killamproperties.com
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