NEW
GLASGOW, NS, Oct. 16,
2024 /CNW/ - Crombie Real Estate Investment Trust
("Crombie") (TSX: CRR.UN) announced today that pursuant to the
trust indenture governing its 4.80% Series E Senior
Unsecured Notes due January 31,
2025 (the "Series E Notes"), it has issued a notice of
redemption to the registered holders of its Series E Notes. The
outstanding $175 million aggregate
principal amount of these Notes will be redeemed in full on
October 31, 2024 (the "Redemption
Date").
The calculation of the redemption price of the Series E Notes is
set out in the trust indenture, as supplemented, and is to be the
greater of the Canada Yield Price and 100% of the aggregate
principal amount of the Series E Notes, together in each case with
accrued and unpaid interest to the Redemption Date. The Canada
Yield Price determined in accordance with the indenture, as
supplemented, is less than the aggregate principal amount, so the
redemption price is $1,000.00 per
$1,000.00 of principal amount.
Accrued and unpaid interest to the Redemption Date will be
$12.0986301 per $1,000.00 of principal. In aggregate, on the
Redemption Date, the redemption price of the Series E Notes
will be $175,000,000.00 plus accrued
and unpaid interest of $2,117,260.27.
This news release does not constitute an offer to sell, or a
solicitation of an offer to buy, any security and shall not
constitute an offer, solicitation or sale in any jurisdiction in
which such an offer, solicitation, or sale would be unlawful. The
Toronto Stock Exchange has neither approved nor disapproved the
form or content of this press release.
About Crombie REIT
Crombie invests in real estate with a vision of enriching
communities together by building spaces and value today that leave
a positive impact on tomorrow. As one of the country's leading
owners, operators, and developers of quality real estate assets,
Crombie's portfolio primarily includes grocery-anchored retail,
retail-related industrial, and mixed-use residential properties. As
at June 30, 2024, our portfolio
contains 304 properties comprising approximately 19.3 million
square feet, inclusive of joint ventures at Crombie's share, and a
significant pipeline of future development projects. Learn more at
www.crombie.ca.
Cautionary Statements
This news release may contain forward-looking statements that
reflect the current expectations of management of Crombie about
Crombie's future results, performance, achievements, prospects and
opportunities. Wherever possible, words such as "continue", "may",
"will", "estimate", "anticipate", "believe", "expect", "intend" and
similar expressions have been used to identify these
forward-looking statements. These statements reflect current
beliefs and are based on information currently available to
management of Crombie, and include, without limitation, statements
regarding the expected effective date of the redemption of the
Series E Notes and the amounts of accrued but unpaid interest at
the time of redemption.
Readers are cautioned that such forward-looking statements are
subject to certain risks and uncertainties that could cause actual
results to differ materially from these statements. Crombie can
give no assurance that actual results will be consistent with these
forward-looking statements. A number of factors, including those
discussed in the 2023 annual Management's Discussion and Analysis
under "Risk Management" and in the Annual Information Form for
the year ended December 31, 2023
under "Risks", could cause actual results, performance,
achievements, prospects or opportunities to differ materially from
the results discussed or implied in the forward-looking statements.
These factors should be considered carefully and a reader should
not place undue reliance on the forward-looking statements. There
can be no assurance that the expectations of management of Crombie
will prove to be correct.
SOURCE Crombie REIT