06 Jul BTB refinances two properties to generate savings in interest costs
Montréal, Québec (July 6, 2015): 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.
For further information, please contact:
|Mr. Michel Léonard
President and Chief Executive Officer
514-286-0188, ext. 228
|Mr. Benoit Cyr
Vice-President and Chief Financial Officer
514-286-0188, ext. 230