RICHMOND, BC, April 23, 2014 /CNW/ - Huntingdon Capital Corp. ("Huntingdon" or the "Company") (TSX: HNT) (TSX: HNT.DB) (TSX: HNT.WT) announced today the monetization of a $5.0 million vendor take-back loan.
The loan was a part of the consideration of the sale of Huntingdon's Ontario retail portfolio in June 2012. The sale consideration included cash and two vendor take-back loans. The first loan of $18.0 million was collected in June 2013. The second loan had a balance owing of $5.0 million and bore interest at 5.5% per annum. The second loan was secured by a pledge of shares of the nominee corporation that held title to Crossroads Centre, London, Ontario and a personal guarantee.
Huntingdon received the balance owing, accrued interest and $0.2 mm of additional credits owed.
Sandeep Manak, President and CEO, noted, "The monetization of this loan will largely fund Huntingdon's recently announced $6.4 million private placement with FAM REIT. At the same time, Huntingdon will still maintain significant liquidity with $43.3 million of cash-on-hand."
About Huntingdon Capital Corp.:
Huntingdon is a real estate operating company listed on the TSX (Common Shares: HNT; Debentures: HNT.DB; Warrants: HNT.WT). Huntingdon owns and manages a portfolio of 35 industrial, office, retail and aviation-related properties throughout Canada that have a total gross leasable area of 2.7 million square feet. In addition, Huntingdon owns a 30% interest in FAM Real Estate Investment Trust (the "REIT") (TSX: F.UN) (TSX: F.WT) and manages, on behalf of the REIT, a portfolio of 28 industrial, office, and retail properties throughout Canada that have a gross leasable area of 1.8 million square feet.
The Toronto Stock Exchange has not reviewed nor approved the contents of this press release and does not accept responsibility for the adequacy or accuracy of this press release.
SOURCE: Huntingdon Capital Corp.
For further information:
Sandeep Manak, President and Chief Executive Officer
Tel: (604) 249-5113
Fax: (604) 249-5101