Homburg gets investor approval to amend series 8, 9, 10 and 11 bonds

By Devika Patel

Knoxville, Tenn., Dec. 3 - Homburg Invest Inc. said that holders of 77% of its series 8, 9, 10 and 11 bonds have voted 88% in favor of proposed amendments to the bonds' trust indenture.

In the last four weeks, 15,882 votes have been collected and processed, which equals a 77% response. Of these votes, 88% are in favor of the amendments to the indenture.

The company has received the needed approvals - two-thirds of the bonds' principal - and may now make a decision in writing.

Prior to the amendments' passing, the company had a "lock-up" period of five years and one day before it could redeem the bonds. This has been changed and the lock-up is no longer necessary, and holders were asked to approve certain amendments.

The amendments include allowing the company to redeem the bonds prior to maturity at par plus interest.

The company may also purchase the bonds in the open market or through a tender or private contract at par plus interest. It also may swap the bonds for an equal amount of other securities.

Based in Halifax, N.S., Homburg owns a portfolio of real estate, including office, retail, industrial and residential apartment and townhouse properties in Canada, the United States and Europe.

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