{"id":21498,"date":"2013-03-21T22:19:04","date_gmt":"2013-03-22T02:19:04","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=21498"},"modified":"2013-03-21T22:19:04","modified_gmt":"2013-03-22T02:19:04","slug":"ax-pr-e","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=21498","title":{"rendered":"AX.PR.E Firm on Good Volume"},"content":{"rendered":"<p>Artis Real Estate Investment Trust <a href=\"http:\/\/www.artisreit.com\/wp-content\/uploads\/2013\/03\/Artis-Announces-Closing-of-100-Million-Cumulative-Rate-Reset-Preferred-Trust-Unit-Offering-Series-E.pdf\">has announced<\/a>:<\/p>\n<blockquote><p>that it has closed its previously announced public offering (the \u201cFinancing\u201d) of Cumulative Rate Reset Preferred Trust Units, Series E, (the \u201cSeries E Units\u201d) on a bought deal basis through a syndicate of underwriters led by RBC Capital Markets and CIBC (the \u201cUnderwriters\u201d). Artis issued and sold an aggregate of 4.0 million Series E Units at a price of $25.00 per Series E Unit for gross proceeds to Artis of $100,000,000.<\/p>\n<p>DBRS Limited assigned a rating of Pfd-3 (low) to the Series E Units.<\/p>\n<p>Artis intends to use the net proceeds from the Financing to repay indebtedness, fund future acquisitions, and for general trust purposes.<\/p><\/blockquote>\n<p>AX.PR.E is a FixedReset, 4.75%+330, <a href=\"http:\/\/www.prefblog.com\/?p=21380\">announced March 12<\/a>. It must be remembered that these are not actually preferred shares, as the term is usually used; they are preferred units and the distributions will be characterized in the same manner as distributions to the Capital units. In 2012, all distributions to <a href=\"http:\/\/www.artisreit.com\/wp-content\/uploads\/2013\/02\/T3_2012_Trust-Units-PDF.pdf\">AX.UN<\/a>, <a href=\"http:\/\/www.artisreit.com\/wp-content\/uploads\/2013\/03\/T3_2012_Series-A_PDF.pdf\">AX.PR.A<\/a> and <a href=\"http:\/\/www.artisreit.com\/wp-content\/uploads\/2013\/02\/T3_2012_Series-C-PDF.pdf\">AX.PR.U<\/a> were all Return of Capital.<\/p>\n<p>AX.PR.E will be tracked by HIMIPref&trade; and analyzed as if its distributions were considered interest income. It has been assigned to the Scraps index on credit concerns.<\/p>\n<p>AX.PR.E traded 268,820 shares today in a range of 24.88-04 before closing at 25.01-04, 8&#215;57. Vital statistics are:<\/p>\n<div align=\"center\">\n<table border=\"1\">\n<tr>\n<td>AX.PR.E<\/td>\n<td>FixedReset<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2043-03-21<br \/>\nMaturity Price  : 23.13<br \/>\nEvaluated at bid price : 25.01<br \/>\nBid-YTW : 4.52 %<\/td>\n<\/tr>\n<\/table>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Artis Real Estate Investment Trust has announced: that it has closed its previously announced public offering (the \u201cFinancing\u201d) of Cumulative Rate Reset Preferred Trust Units, Series E, (the \u201cSeries E Units\u201d) on a bought deal &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-21498","post","type-post","status-publish","format-standard","hentry","category-issue-comments"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/21498","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=21498"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/21498\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=21498"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=21498"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=21498"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}