Richmond-based Boston Pizza Royalties Income Fund (TSX:BPF.UN) has spent $11.4 million to buy and cancel 1.3 million units.
About 8.5% of the fund's issued and outstanding units were cancelled by the normal course issuer bid, which was originally announced in September.
The bid was aimed at increasing unit-holder value by reducing the overall monthly cash distributions payable.
The fund's Boston Pizza Royalties LP subsidiary obtained a $20 million loan to finance the unit buyback .
Boston Pizza's unit price range during the past week: between $8.70 and $8.95; 52-week high: $13.05; 52-week low: $6.25.