Lanesborough gets OK to extend maturity of 9½% debentures to June 2018

By Angela McDaniels

Tacoma, Wash., June 16 – Lanesborough Real Estate Investment Trust said the maturity date of its C$24,873,800 outstanding 9½% series G redeemable subordinated secured debentures has been extended to June 30, 2018 from Feb. 28, 2015.

The extension is effective June 17 and was approved by the holders of the debentures at a special meeting held on June 16, according to a company news release.

The company announced on May 7 that it was seeking the extension. It said the elimination of potential uncertainty regarding the pending maturity would encourage holders of warrants to exercise their in-the-money warrants, which, if fully exercised, would result in an equity injection to the company of C$6.67 million by March 9, 2015 and C$10.42 million by Dec. 23, 2015.

Laurentian Bank Securities Inc. was the solicitation agent.

Lanesborough is a REIT based in Winnipeg, Man.

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