Lakeview Hotel closes C$10.25 million of four-year convertibles to yield 8.125%

By Rebecca Melvin

New York, March 28 - Canada's Lakeview Hotel Real Estate Investment Trust said its previously announced public offering of 51-month senior secured debentures has closed, according to a release.

Terms of the offering were first announced on March 14.

Thomas Weisel Partners Canada Inc. led syndication of the debentures and included Wellington West Capital Inc. The debentures mature June 20, 2012.

Lakeview REIT intends to use proceeds to fund the purchase of a hotel for C$9,675,000.

The debentures were approved for listing on the Toronto Stock Exchange Venture Exchange and will trade under the ticker symbol LHR.DB.

Winnipeg, Man.-based Lakeview REIT is a real estate investment trust.

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