Cominar prices a re-opening of its 4.274% Series 1 senior unsecured debentures due June 15, 2017 in the amount of $125 million
September 08 2012 - 5:58AM
PR Newswire (Canada)
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION
IN THE U.S./ QUÉBEC CITY, Sept. 11, 2012 /CNW Telbec/ - Cominar
Real Estate Investment Trust ("Cominar") announced today that it
priced a re-opening of its 4.274% Series 1 senior unsecured
debentures due June 15, 2017 in the amount of $125 million (the
"Debentures"). The Debentures are being offered at a price of
$1,011.74 per $1,000 principal amount of Debentures, plus accrued
and unpaid interest for the period from and including June 15, 2012
to, but excluding, the date of the closing of this offering. The
effective yield of the Debentures (if held to maturity) will be
3.999% per annum. The offering of the Debentures is expected to
close on or about September 14, 2012. Cominar intends to use the
net proceeds of the offering of approximately $125.6 million to
partially finance the previously announced acquisition of a
portfolio of 68 properties in Montréal and Ottawa from GE Capital
Real Estate's Canadian equity platform comprising a total of 4.3
million square feet of office and industrial properties which is
expected to close on or about September 14, 2012. The Debentures
will be publicly offered in Canada, under Cominar's previously
filed base shelf prospectus (the "Prospectus"), pursuant to an
Agency Agreement with National Bank Financial Inc. and BMO Capital
Markets, as co-lead agents, along with a syndicate that also
includes Desjardins Securities Inc., CIBC World Markets Inc.,
Scotia Capital Inc., RBC Dominion Securities Inc., TD Securities
Inc., HSBC Securities (Canada) Inc., Canaccord Genuity Corp.,
Dundee Securities Ltd. and Macquarie Capital Markets Canada Ltd.
Cominar will also file with applicable securities regulators in
each of the provinces and territories of Canada a prospectus
supplement to the Prospectus (the "Prospectus Supplement")
relating to the offering of the Debentures. Copies of the
Prospectus and the Prospectus Supplement will be available on the
Internet at www.sedar.com. This news release does not constitute an
offer to sell or the solicitation of an offer to buy the Debentures
in any jurisdiction. The Debentures being offered have not
been approved or disapproved by any regulatory authority nor has
any such authority passed upon the accuracy or adequacy of the
Prospectus or the Prospectus Supplement. The Debentures have not
been and will not be registered under the United States Securities
Act of 1933 and accordingly will not be offered, sold or delivered,
directly or indirectly within the United States, its possessions
and other areas subject to its jurisdiction or to, or for the
account or for the benefit of a U.S. person, except pursuant to
applicable exemptions from the registration requirements. PROFILE
as at September 11, 2012 Cominar Real Estate Investment Trust is
the third largest diversified real estate investment trust in
Canada and currently remains the largest commercial property owner
in the Province of Québec. The REIT owns a real estate portfolio of
415 high-quality properties, consisting of 82 office, 158 retail
and 175 industrial and mixed-use buildings that cover a total area
of 30.7 million square feet in Québec, Ontario, the Atlantic
Provinces and Western Canada. Cominar's objectives are to pay
growing cash distributions to unitholders and to maximize
unitholder value by way of proactive management and the expansion
of its portfolio. Forward-Looking Statements This press release may
contain forward-looking statements with respect to Cominar
and its operations, strategy, financial performance and
financial condition. These statements generally can be identified
by the use of forward-looking words such as "may", "will",
"expect", "estimate", "anticipate", "intend", "believe" or
"continue" or the negative thereof or similar variations. The
actual results and performance of Cominar discussed herein
could differ materially from those expressed or implied by such
statements. Such statements are qualified in their entirety
by the inherent risks and uncertainties surrounding future
expectations. Some important factors that could cause actual
results to differ materially from expectations include, among
other things, general economic and market factors,
competition, changes in government regulation and the factors
described under "Risk Factors" in the Annual Information Form
of Cominar. The cautionary statements qualify all forward-looking
statements attributable to Cominar and persons acting on its
behalf. Unless otherwise stated, all forward-looking
statements speak only as of the date of this press release. COMINAR
REAL ESTATE INVESTMENT TRUST CONTACT: Mr. Michel Dallaire,
P.Eng.President and Chief Executive Officer, Cominar Real Estate
InvestmentTrust(418) 681-8151Mr. Michel BerthelotExecutive Vice
President and Chief Financial Officer, Cominar RealEstate
Investment Trust(418) 681-6300 ext. 2266
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