Lanesborough Real Estate Investment Trust V.LRT.UN

RE:RE:RE:RE:Unsecured to Secured debentures in 2011

[BobTheKnob2]

BobTheKnob2 wrote:

BobTheKnob2 wrote:

alkhor wrote: Strange the maturity date of the debentures was extended to 2014 and then again to 2018 but I have found nothing which extended the maturity past June 30th, 2018. If the debentures are no longer subordinate to the Shelter loan, why are they not making the same proposal to both and get rid of all loans except mortgages? This is probaby the hold up as some major debenture holder is insisting on it and of course Arnie doesn't want it, although it would mean he would end up with 80% of the units.

The debentures as you have stated were extended"
1.) Original offering in December 2006 matured December 2011;
2.) Extended term by introducing "Secured" status and removing convertible option amongst other changes to the trust indenture in October 2011 with term maturing February 2015;
3.) Extended term in June 2014 with term maturing June 2018;
4.) Extended term in June 2016 (eight weeks after the big Ft McMurray wildfire) with term maturing June 2022.

It would appear that there are no further plans to extend the term again given how close to term maturation we are - unless the news comes quickly.

 

To extend this information I provided above can be read in conjunction with the information found below. Each point corresponds with the other:
1.) First term of the 7.5% convertible redeemable unsecured subordinated debentures began at issuance in December 2006 and matured on December 31, 2011;
2.) the 9.5% redeemable subordinated secured debentures began term on December 31, 2011 and matured on February 28, 2011;
3.) the 9.5% redeemable subordinated secured debentures began new term effective June 17, 2014 and matured on June 30, 2018;
4.) the 5.0% redeemable subordinated secured debentures began new term effective June 30, 2016 and are scheduled to mature on June 30, 2022.

Trust this helps

Note my error. I wish I could go back and edit it.

- under item 2, the maturity date should read "scheduled to mature on February 28, 2015;

- under item 3, the maturity date should read "scheduled to mature on June 30, 2018"