Mr. Michel Leonard reports

BTB REFINANCES TWO PROPERTIES TO GENERATE SAVINGS IN INTEREST COSTS

BTB Real Estate Investment Trust has concluded the refinancing of two of its properties located in Quebec City for a total amount of $17.5-million, at an interest rate of 4.06 per cent and for a term of 10 years. A total of $12.5-million has been used to reimburse the two existing mortgages, one coming due in 2017 and bearing interest at a rate of 5.63 per cent, and the second bearing interest at a rate of 5.75 per cent. The balance of $5-million will be used for the trust's activities.

The properties affected by this refinancing are: 6655 Pierre-Bertrand Blvd. and 191 Amsterdam St., St-Augustin-de-Desmaures.

This refinancing will save BTB approximately $200,000 in interest costs per year.