Not for distribution to U.S. news wire services or dissemination in the
WINNIPEG, March 1, 2012 /CNW/ - Temple REIT (TSX Venture: TR.UN)
("Temple" or the "REIT") announced today that it has closed its
previously announced public offering (the "Offering") of 5 Year 7.75% Series D Convertible Redeemable Unsecured
Subordinated Debentures due June 30, 2017 ("Debentures") and concurrent
public offering of trust units ("Units"). Pursuant to the Offering, TREIT sold 34,500 Debentures at a price
of $1,000 per Debenture and 3,985,149 Units at a price of $5.05 per
Unit for aggregate gross proceeds to the REIT of approximately
$54,625,000, inclusive of 4,500 Debentures and 519,802 Units sold
pursuant to the over-allotment option which was exercised by the Agents
The Offering was sold through a syndicate of agents led by National Bank
Financial Inc., as lead agent, and including Mackie Research Capital
Corp., Raymond James Ltd., Desjardins Securities Inc., Dundee
Securities Ltd., HSBC Securities (Canada) Inc. and Lightyear Capital
Inc. (collectively, the "Agents").
The net proceeds from the Offering, after payment of the expenses of the
Offering, will be used: (a) to fund additional acquisitions of
income-producing hotel properties; (b) for repayment of debt; (c) for
general trust purposes; and (d) for working capital.
The Debentures are listed for trading on the TSX Venture Exchange under
the trading symbol "TR.DB.D".
About Temple REIT
TREIT is a real estate investment trust, which is listed on the TSX
Venture Exchange under the symbols TR.UN (trust units), TR.DB.A,
TR.DB.B, TR.DB.C, TR.DB.D and TR.DB.S (convertible debentures). The
objective of TREIT is to provide Unitholders with stable cash
distributions from investment in a geographically diversified Canadian
portfolio of hotel properties and related assets. For further
information on TREIT, please visit our website at www.treit.ca.
This press release contains certain statements that could be considered
as forward-looking information. The forward-looking information is
subject to certain risks and uncertainties, which could result in
actual results differing materially from the forward-looking
The TSX Venture Exchange has not reviewed or approved the contents of
this press release and does not accept responsibility for the adequacy
or accuracy of this press release.