Revenue Properties Company

January 07, 2005 17:47 ET

Revenue Properties Company Limited Announces Redemption of all of its 7% Convertible Debentures for Cash and Announces Commitment for Mortgage Financing


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: REVENUE PROPERTIES COMPANY

TSX SYMBOL: RPC

JANUARY 7, 2005 - 17:47 ET

Revenue Properties Company Limited Announces
Redemption of all of its 7% Convertible Debentures for
Cash and Announces Commitment for Mortgage Financing

TORONTO, ONTARIO--(CCNMatthews - Jan. 7, 2005) - Revenue Properties
Company Limited (TSX:RPC)(the "Company") announced today that it has
given written notice to the Trustee for holders of its 7% convertible
subordinated debentures due December 31, 2006 (TSX:RPC.A) (the "7%
Debentures") that the Company will redeem all of that series of
debentures for cash on February 23, 2005. The redemption price will be
$1,000.00 per $1,000 principal amount plus accrued and unpaid interest
of $10.55 per $1,000 principal amount totaling $1,010.55 per $1,000
principal amount. The accrued and unpaid interest is calculated up to
and including February 23, 2005, the proposed date of redemption. As of
January 7, 2005, $79.7 million of the 7% Debentures were outstanding.

The Company also announced that it has entered into a commitment with a
Canadian chartered bank to obtain first mortgage financing in the amount
of $60.0 million. The financing is scheduled to close on January 31,
2005 and will be secured by one of the Company's properties, Centerpoint
Mall, an enclosed shopping center located at the corner of Yonge Street
and Steeles Avenue in Toronto. The proceeds of the financing will be
used to fund the redemption of the 7% Debentures.

Revenue Properties Company Limited is a real estate company that owns a
portfolio of commercial real estate, aggregating approximately two
million square feet of leasable space. The Company's primary focus is
the acquisition, development and ownership of income producing
properties in Canada.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Revenue Properties Company
    Paul Miatello
    Chief Financial Officer
    (905) 281-3800