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
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| Amount: | $35 million
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| Maturity: | April 2016
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| Coupon: | 5.95%, payable monthly
|
| Announcement date: | April 20
|
| Settlement date: | April 26 (for $25 million); June (for $10 million)
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