TORONTO, ONTARIO--(Marketwire - July 18, 2012) - Primaris Retail Real Estate Investment Trust ("Primaris") (TSX:PMZ.UN) announced today that it has exercised its right to redeem its 5.85% Convertible Unsecured Subordinated Debentures maturing on August 1, 2014 (the "Debentures") in accordance with the terms of the trust indenture dated as of June 28, 2004 between the Trust and CIBC Mellon Trust Company, as supplemented by the first supplemental indenture dated August 13, 2007 between the Trust and CIBC Mellon governing the Debentures. The redemption of the Debentures will be effective on August 17, 2012 (the "Redemption Date"). Upon redemption, Primaris will pay to the holders of Debentures the redemption price (the "Redemption Price") equal to the outstanding principal amount of the Debentures to be redeemed, together with all accrued and unpaid interest thereon up to but excluding the Redemption Date, for a total of $1,002.56 per $1,000 principal amount of Debentures, less any taxes required to be deducted or withheld.
The aggregate principal amount of Debentures currently outstanding is $93,476,000. Primaris intends to use cash on hand and to draw funds from its existing revolving line of credit to pay the Redemption Price of the redeemed Debentures. The Debentures are listed for trading on the Toronto Stock Exchange under the trading symbol "PMZ.DB.A" and may be converted in accordance with their terms into Units of Primaris until August 16, 2012.
Primaris Retail REIT owns 33 income-producing properties comprising approximately 13.7 million square feet located in Canada. Primaris Retail REIT is a TSX listed real estate investment trust. As of June 30, 2012, Primaris had 90,197,295 units outstanding (including 2,122,261 exchangeable units for which units have yet to be issued).