Lanesborough gets approval for 9½% debentures normal course issuer bid

By Jennifer Chiou

New York, June 19 – Lanesborough Real Estate Investment Trust announced that it has received approval from the Toronto Stock Exchange to purchase up to 10% of the public float of its C$24,873,800 of outstanding 9½% series G redeemable subordinated secured debentures through a normal course issuer bid.

The bid will start on June 23 and will run until June 22, 2015.

Under the bid, the maximum amount of debentures that the company may purchase on a daily basis is C$4,000 aggregate principal amount.

The REIT said it has purchased an aggregate of 87 series G debentures in the prior 12-month period at a weighted average price of C$95.433 per C$100 principal amount.

Lanesborough is a REIT based in Winnipeg, Man.

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