WesternOne Equity Income Fund last week completed the debenture offering announced Feb. 2, issuing CA$27.6 million (about U.S. $26.2 million) principal amount of 8.5 percent convertible unsecured subordinated debentures. The offering was underwritten by a syndicate of underwriters, co-led by Dundee Securities Corp. and National Bank Financing.
Maturity date for the debentures is Dec. 31, 2015.
WesternOne Equity Income Fund will use the net proceeds of the offering for working capital requirements and other purposes, including funding possible future acquisitions and repaying outstanding debts.
Based in Vancouver, B.C., Canada, WesternOne Equity Income Fund, which has acquired about a half dozen rental companies in western Canada during the past few years, is No. 81 on the RER 100.