By Sheri Kasprzak
New York, Jan. 18 - Lanesborough Real Estate Investment Trust said it intends to raise up to C$15 million and at least C$5 million in a private placement of series F convertible debentures.
The 7.5% debentures mature in five years and are convertible into trust units at C$6.00 each for the third year after closing, at C$6.60 each in the fourth year and at C$7.30 each in the fifth year. The debentures are not convertible for the first two years.
Wellington West Capital Inc. and Desjardins Securities Inc. are the placement agents.
Proceeds will be used for equity commitments associated with the purchase of multi-family apartment properties. The rest will be used for general corporate purposes.
Based in Winnipeg, Man., Lanesborough is a real estate investment trust focused on residential real estate.
| Issuer: | Lanesborough Real Estate Investment Trust
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| Issue: | Series F convertible debentures
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| Amount: | C$15 million (maximum); C$5 million (minimum)
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| Maturity: | Five years
|
| Coupon: | 7.5%
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| Price: | Par
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| Yield: | 7.5%
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| Conversion price: | C$6.00 in the third year; C$6.60 in the fourth year; C$7.30 in the fifth year
|
| Warrants: | No
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| Placement agent: | Wellington West Capital Inc., Desjardins Securities Inc.
|
| Pricing date: | Jan. 18
|
| Stock symbol: | TSX Venture: LRT
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| Stock price: | C$5.10 at close Jan. 18
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