By Jennifer Chiou
New York, May 4 - Whiterock Real Estate Investment Trust announced that it used $10 million of proceeds from the sale of 5.95% senior unsecured debentures due April 2016 to make an early repayment on its 7.5% series D convertible debentures due July 31, 2011.
The Toronto REIT wrapped a $25 million tranche of the $35 million five-year debentures sale on April 26.
The remaining $10 million of 5.95% unsecured debentures is expected to close by the end of June. Interest is payable monthly.
Remaining proceeds will be used to fund acquisitions and for general trust purposes, according to a company release.
The company agreed to issue the debentures on April 20. At that time, two trustees signed on to subscribe for 1% of the issue.
The Toronto Stock Exchange previously approved the listing of the debentures.
Issuer: | Whiterock Real Estate Investment Trust
|
Issue: | Senior unsecured debentures
|
Amount: | $35 million
|
Maturity: | April 2016
|
Coupon: | 5.95%, payable monthly
|
Announcement date: | April 20
|
Settlement date: | April 26 (for $25 million); June (for $10 million)
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.