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Ravelin to default on Feb. 28 maturity of 9% debentures

By The Northwire Desk — AI Analysis Feb 20, 2026 · 19:00 RPR · 0.16 Ravelin Properties REIT
RPR · Price

Executive Summary

  • Ravelin Properties REIT announced it will default on principal and interest payments for its 9 % convertible unsecured subordinated debentures maturing on February 28, 2026.
  • The repayment price is set at $1,180 per $1,000 of principal, covering an aggregate principal amount of $28.75 million plus $5.175 million in accrued and unpaid interest to the maturity date.
  • The debentures will be halted at market open and delisted on March 2, 2026; no restructuring agreement has been reached, casting doubt on the REIT’s ability to continue as a going concern.

Key Details

  • Debenture terms: 9 % convertible unsecured subordinated debentures, trading under ticker RPR.DB on the Toronto Stock Exchange.
  • Maturity date: February 28, 2026.
  • Default status: Interest payments have been in default since March 1, 2024.
  • Repayment price: $1,180 per $1,000 principal (a 18 % premium).
  • Aggregate amounts due:
  • Principal: $28.75 million
  • Accrued/unpaid interest (to but excluding maturity date): $5.175 million
  • Trading impact: Debentures will be halted at market open and delisted on March 2, 2026 (the business day after maturity).
  • Current actions: REIT is exploring alternatives to address financial difficulties; no agreement with stakeholders has been reached as of the announcement date.
  • Going‑concern risk: The release states there can be no assurance that the REIT will successfully negotiate alternatives or obtain needed financing, highlighting material negative risk to shareholders and debenture holders.

Notable Quotes

(No direct quotes were provided in the release.)

Read the original news release →

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