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Temple Real Estate Investment Trust announces closing of previously announced convertible debenture and trust unit offering

Thursday, March 1, 2012 9:00 AM

Not for distribution to U.S. news wire services or dissemination in the U.S.

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 in full.

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 statements.

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.

Arni Thorsteinson, Chief Executive Officer, or
Gino Romagnoli, Investor Relations

Tel: (204) 475-9090, Fax: (204) 452-5505, Email: info@treit.com

(Source: CNW )
(Source: Quotemedia)


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