Richard Homburg, Chairman and Chief Executive Officer of Homburg Invest Inc. announced that the Company has repaid the outstanding balance on the 7.5% Homburg Mortgage Bond 2, due April 25, 2010.
The mortgage-backed bonds were repaid early following the sale or refinancing, by the Company of the investment properties against which the bonds were secured. This is the second Homburg mortgage-backed bond to be repaid in the normal course of business at the end of its seven-year term.
The next mortgage bonds to mature will be the 20 million 7.5% Homburg Mortgage Bond 4, due November 30, 2011; and 20 million 7.5% Homburg Mortgage Bond 5, due December 31, 2011. The Company may, at its option, repay either of the above mortgage-backed bonds before their respective maturity.