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KEYreit announces the exercise of $1.2 million of over-allotment option on 7.0 percent convertible debentures

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TORONTO, Jan. 16, 2013 /CNW/ - KEYreit (TSX: KRE.UN) announced today that it has completed the issuance of an additional $1.2 million convertible unsecured subordinated debentures (the "Additional Debentures") in connection with the 7.00 percent, $20 million convertible unsecured subordinated debentures offering that closed on December 11, 2012 (together with the Additional Debentures, the "Debentures"). The Additional Debentures were issued pursuant to the partial exercise of the over-allotment option granted to a syndicate of underwriters co-led by National Bank Financial Inc. and BMO Capital Markets. As of today, the total amount of outstanding Debentures is $21.2 million.

The Debentures pay interest at a rate of 7.00 percent payable in equal semi-annual payments in arrears on June 30 and December 31 in each year commencing on June 30, 2013, with the initial interest payment accrued from December 11, 2012 up to, but excluding, June 30, 2013. The Debentures are convertible into fully paid and non-assessable units of KEYreit at a conversion price of $8.00 per unit subject to adjustment upon the occurrence of certain events, at the holders' option at any time prior to the close of business on the earlier of December 31, 2017, the stated maturity date, and the business day immediately preceding the date fixed for redemption. The conversion price is equivalent to a ratio of 125.000 units per $1,000 principal amount of Debentures.

About KEYreit
KEYreit (TSX: KRE.UN) is Canada's premier small-box retail property owner with 227 properties in nine provinces across Canada. KEYreit's properties are well located and geographically diverse across Canada with the majority of all properties containing long-term quadruple net leases.

To find out more about KEYreit (TSX: KRE.UN), visit our website at www.keyreit.com

SOURCE KEYreit



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