By Cristal Cody
Prospect News, Dec. 23 - Lanesborough Real Estate Investment Trust said Thursday that it completed the initial closing of the previously announced sale of C$12,637,000 of five-year mortgage bonds and warrants.
The sale included 12,637 units, which are comprised of 12,637 bonds and 12,637,000 warrants, at a price of C$1,000 per unit. Each unit has one 9% five-year second mortgage bond and 1,000 trust unit purchase warrants.
The REIT said it may sell up to C$3.363 million, or a maximum of 3,363 units, before March 17, 2011.
The bonds and warrants were scheduled to start trading Thursday on the Toronto Stock Exchange under the trading symbols "LRT.NT.A" and "LRT.WT.A," respectively.
The bonds are redeemable at any time at a price equal to 101% of the principal amount of the bonds, plus accrued and unpaid interest.
Proceeds will be used to redeem existing bonds and repay the principal amount of series F debentures upon maturity.
The company is a Winnipeg, Man.-based real estate investment trust that owns property across western Canada, in Ontario and in the Northwest Territories.
Issuer: | Lanesborough Real Estate Investment Trust
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Amount: | C$12,637,000
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Securities: | Units of one second mortgage bond and 1,000 trust unit purchase warrants
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Units: | 12,637
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Price: | C$1,000
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Bonds
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Issue: | Second mortgage bonds
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Maturity: | Five years
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Coupon: | 9%
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Settlement date: | Dec. 23
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Distribution: | Canada
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Warrants
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Issue: | Trust unit purchase warrants
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Amount: | 1,000 per unit
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