General Donlee Income Fund announces closing of $50.0 million offering of convertible debentures


    TORONTO, June 20 /CNW/ - General Donlee Income Fund ("General Donlee",
TSX-"GDI.UN") announced today that it has closed its previously announced
offering of $50.0 million principal amount of convertible unsecured
subordinated debentures due 2014 with a coupon rate of 7.00% per annum payable
semi-annually on June 30 and December 31, commencing on December 31, 2007.
    The offering was underwritten by a syndicate of underwriters led by
National Bank Financial Inc. and CIBC World Markets Inc., and including RBC
Capital Markets, TD Securities Inc. and Canaccord Capital Corporation.
    General Donlee Income Fund is a trust established to hold the securities
of General Donlee Limited, which is a leading diversified manufacturer of
precision-machined products for the military, commercial and general aerospace
industries and also is a specialist in the manufacture of precision-machined
products for the industrial products and power generation industries.

    Certain forward-looking statements contained in this news release are
based on information, currently available to management, but are subject to a
number of uncertainties and risks that could cause actual results to differ
materially from the results discussed in the forward-looking statements. These
uncertainties and risks include, but are not limited to: dependence on
commercial aircraft sales and defence procurement, power generation sales and
sales to the industrial sector, production rates, timing of deliveries,
dependence on key customers, dependence on third party suppliers and
manufacturers, competition, product liability and warranty claims,
environmental and other government regulation, quality certification
requirements, hedging effects, interest and foreign exchange rates, leverage
and restrictive debt covenants, continued availability of credit facilities,
insurance availability and coverage, regulatory requirements, reliance on key
personnel and our skilled workforce, changes in accounting policies, the
ability to obtain orders and domestic and international economic conditions.
Further information can be found in the disclosure documents filed by General
Donlee Income Fund with the securities regulatory authorities, available at or through the Fund's website at
    %SEDAR: 00017571E

For further information:

For further information: Kenneth W. Chalmers, Executive Chairman,
General Donlee Income Fund; or Gerald Thain, CFO, General Donlee Limited,
Telephone: (416) 743-4417, E-mail:, E-mail:

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