HALIFAX, March 3 /CNW/ - (TSX-V - OVL) - Overland Realty Limited
("Overland" or "the Corporation") has successfully completed the previously
announced first mortgage refinancing of eight of its properties. Total first
mortgage indebtedness on the properties increased from $9.64 million to
$15.99 million, providing additional funds of $6.35 million. Funds raised from
the refinancing, net of transaction costs, were used to reduce the outstanding
bridge debt facility. The refinancing of an additional mortgage, anticipated
to be funded at this time, remains outstanding pending the completion of final
leasing terms for a tenant renewal.
The mortgages were secured at spreads between 170 and 180 basis points
over the applicable Government of Canada bonds and have terms ranging from
2 to 12.5 years, with amortizations of 20 to 25 years. Overland anticipates
additional refinancing commitments to adjust the first mortgage levels on its
remaining portfolio with proceeds for repayment of the bridge facility, over
the coming periods.
In addition to this refinancing, the Corporation announced today that it
has secured for a subsidiary, a $500,000 line of credit with a chartered
Canadian bank. The line of credit is payable upon demand and carries an
interest rate of bank prime on all outstanding balances.
The Corporation has issued and outstanding 19,654,517 common shares.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: Scott Armour McCrea, President and CEO,
Overland Realty Limited, (902) 474-3000, email@example.com; Source:
Overland Realty Limited