WesternOne Equity Income Fund Announces Amended Credit Facility



    VANCOUVER, Jan. 8 /CNW/ - WesternOne Equity Income Fund ("WesternOne
Equity") (TSX: WEQ.UN and WEQ.DB) announced today it has entered into an
amended credit facility with its lender, HSBC Bank Canada (the "Bank"),
effective December 31, 2008.
    WesternOne Equity has reduced overall debt by $8.4 million through the
paydown of part of the acquisition loan pertaining to the acquisition of the
assets of Sure-Fire Propane Ltd. and Davis Heater Services Ltd. in October
2008. The paydown was funded with proceeds from the recently completed equity
offering of $4.6 million and cash available on hand.
    The amended credit facility consists of an acquisition loan and a capital
loan with an outstanding balance of $26.0 million and $10.0 million
respectively. Repayment of $4.6 million of the credit facility will mature on
December 31, 2010. Repayment of the remaining balance of the credit facility
will mature on the fifth anniversary of the date of the initial advance of
each loan. The maturity of these loans ranges from August, 2011 to November,
2013.
    Borrowing under the credit facility will bear interest at the Bank's
prime rate plus a range of 1.2% to 1.5%, or the Bank's banker acceptance rate
plus a range of 2.7% to 3.0%. HSBC will also continue to provide WesternOne
with an operating loan facility of $4.75 million at the Bank's prime rate plus
1.0%.
    Darren Latoski, WesternOne Equity's Chief Executive Officer, commented,
"The amended credit facility reflects the continuing confidence that our
lender has in WesternOne Equity. The paydown of $8.4 million of the
acquisition loan results in a stronger balance sheet, as well as greater
flexibility to execute our business plan and provide for continued growth."

    
    About WesternOne Equity
    -----------------------
    
    WesternOne Equity seeks to acquire equipment and infrastructure related
businesses located primarily in the Western Canadian provinces of British
Columbia, Alberta and Saskatchewan, in order to generate stable and growing
distributions to its unitholders as well as to achieve overall capital
appreciation.
    Additional information about WesternOne Equity is available at www.weq.ca
or www.sedar.com

    
    THE TSX EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR
    THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.
    





For further information:

For further information: Andrew Greig, Manager of Investor Relations,
WesternOne Equity Income Fund, Suite 910, 925 West Georgia Street, Vancouver,
BC, V6C 3L2, Phone: (604) 678-4042, Toll free (877) 278-4042, E-mail:
agreig@weq.ca, www.weq.ca


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