In C5814 distributed today July 6, 6 2015 at 17:43, entitled "BTB refinances six properties to generate savings in interest costs", please note that the headline has been changed. The number of properties should read "two" instead of "six". Corrected copy follows:
BTB refinances two properties to generate savings in interest costs
MONTRÉAL, July 6, 2015 /CNW Telbec/ - BTB Real Estate Investment Trust (TSX: BTB.UN) ("BTB") is pleased to announce that it has concluded the refinancing of two of its properties located in the City of Quebec for a total amount of $17.5 million, at an interest rate of 4.06% and for a term of 10 years. $12.5 million has been used to reimburse the two existing mortgages, one coming due in 2017 and bearing interest at a rate of 5.63% and the second bearing interest at a rate of 5.75%. The balance of $5 million will be affected to the Trust's activities.
The properties affected by this refinancing are:
- 6655 Pierre-Bertrand Boulevard, Quebec, QC
- 191 Amsterdam Street, St-Augustin-de-Desmaures, QC
This refinancing will save BTB approximately $200,000 in interest costs per year.
BTB is a real estate investment trust listed on the Toronto Stock Exchange. BTB is an important owner of properties in eastern Canada. BTB owns 73 commercial, office and industrial properties for a total leasable area of approximately 5.1 million square feet. BTB's asset value is in excess of $620M. The objectives of BTB are: i) to grow its revenues from its assets to increase distributable income and therefore fund distributions; (ii) to maximize the value of its assets through dynamic management of its properties in order to sustain the long-term value of its units; and (iii) to generate cash distributions that are fiscally beneficial to unitholders.
BTB offers a distribution reinvestment plan to unitholders whereby the participants may elect to have their monthly cash distribution reinvested in additional units of BTB at a price based on the weighted average price for BTB's Units on the Toronto Stock Exchange for the five trading days immediately preceding the distribution date, discounted by 5%.
SOURCE BTB Real Estate Investment Trust