Whiterock REIT completes C$20 million convertible debt offering

On October 1, 2009, Whiterock REIT (TSX: WRK.UN) announced the closing of its previously announced public offering of C$20 million aggregate principal amount of Series G convertible unsecured subordinate debentures due December 31, 2014 for gross proceeds of C$20 million.

The offering was completed through a syndicate of investment dealers led by TD Securities Inc. Whiterock REIT granted the syndicate an over-allotment option, exercisable for a period of 30 days following closing, to purchase up to an additional $3 million principal amount of debentures which, if exercised, would increase the gross proceeds to C$23 million. The debentures are convertible into units of Whiterock REIT at a conversion price of C$26.06 per unit.

The net proceeds of the offering will be used by Whiterock REIT to reduce its overall indebtedness through the repayment of long-term debt and the reduction of indebtedness under its credit facility, to fund future acquisitions and for general trust purposes.

Further information is found on Whiterock REIT's website.