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Partners REIT completes partial redemption of debentures

Partners Real Estate Investment Trust completed the partial redemption of 50% of its outstanding series II 6.0% convertible unsecured subordinated debentures due Sept. 30.

The company said it will redeem all outstanding series II debentures Aug. 18 and will pay around C$1,023 apiece for each C$1,000 principal amount of the notes.

According to a release, the company also confirmed that 67% of its outstanding series III 5.5% convertible unsecured subordinated debentures due March 31 will be redeemed Aug. 18, at C$1,021 for each C$1,000 principal amount, on a pro rata basis.

After completion of the expected redemptions, C$7.6 million in principal amount of the series III debentures will remain outstanding.