Lakeview Hotel REIT announces refinancing of its hotel property in Prince George
23 Ottobre 2011 - 9:48AM
PR Newswire (Canada)
/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO
U.S NEWS WIRE SERVICES / WINNIPEG, Oct. 26, 2011 /CNW/ - Lakeview
Hotel Real Estate Investment Trust ("Lakeview REIT") announced that
it has entered into definitive agreements to refinance its hotel
property in Prince George, British Columbia (the "Prince George
Hotel"). As part of the refinancing, the Series A Senior
Secured Debentures of Lakeview REIT in the principal amount of
$10,250,000 (the "Secured Debentures") will be redeemed in full and
delisted from the TSX Venture Exchange. Lakeview REIT has arranged
with a lender to provide property specific first charge financing
of $7,000,000 on the Prince George Hotel. Approximately
$6,800,000 of such funds will be used to pay down the Secured
Debentures, with the holders of the Secured Debentures other than
the Majority Debentureholders (as defined below), receiving the
full principal amount owing to them plus accrued and unpaid
interest up to and including November 1, 2011. Following the
payment as referred to above, the two largest holders of the
Secured Debentures who collectively own more than 98% of the issued
and outstanding Secured Debentures (the "Majority
Debentureholders") will each receive a debenture for the balance
owing to them, respectively (the "New Debentures"). The
aggregate amount owing under the New Debentures will be
approximately $3,500,000. The New Debentures will be secured
by property specific second charge security behind the above
referenced first lender. We anticipate the above referenced
refinancing to close Wednesday, October 26, 2011. Lakeview REIT is
a real estate investment trust, which is listed on the TSX Venture
Exchange under the symbol "LHR.UN". Lakeview REIT receives
income from ownership, management and licensing of hotel
properties. For further information on Lakeview REIT please
visit our website www.lakeviewreit.com. Neither TSX Venture
Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
Lakeview Hotel Real Estate Investment Trust CONTACT: Keith Levit,
President, or Avrum Senensky, Executive VicePresidentTel: (204)
947-1161, Fax: (204) 957-1697,Email asenensky@lakeviewhotels.com
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