By Jennifer Chiou
New York, June 6 - Whiterock Real Estate Investment Trust announced the close of the second and final tranche of its overall $35 million sale of 5.95% senior unsecured debentures due April 2016 for $10 million.
The Toronto REIT wrapped the initial $25 million tranche of the five-year debentures sale on April 26.
Interest is payable monthly.
As already reported, the company used $10 million of proceeds from the first tranche to make an early repayment on its 7.5% series D convertible debentures due July 31, 2011. Remaining proceeds will be used to fully pay down acquisitions as well as the company's operating facilities, leaving them completely undrawn.
Whiterock 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
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| Maturity: | April 2016
|
| Coupon: | 5.95%, payable monthly
|
| Announcement date: | April 20
|
| Settlement date: | April 26 (for $25 million); June 6 (for $10 million)
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