Granite REIT Issues Notice of Redemption of 3.788% Senior Debentures Due 2021
December 18 2020 - 4:02PM
Business Wire
Granite Real Estate Investment Trust (“Granite” or the
“REIT”) (TSX: GRT.UN / NYSE: GRP.U) announced today that its
wholly owned subsidiary Granite REIT Holdings Limited Partnership
(“Granite LP”) will redeem in full the outstanding C$250
million aggregate principal amount of Granite LP’s 3.788% Series 2
Senior Debentures due 2021 (the “2021 Debentures”). A
notice of redemption has been delivered to the registered holder of
the 2021 Debentures for a redemption on January 4, 2021 (the
“Redemption Date”).
The 2021 Debentures will be redeemed on the Redemption Date for
a redemption price that is equal to the greater of (i) the Canada
Yield Price calculated under the trust indenture governing the 2021
Debentures and (ii) the principal amount of the 2021 Debentures,
together in each case with accrued and unpaid interest to but
excluding the Redemption Date. The Canada Yield Price is a price
determined in accordance with the trust indenture based on a
specified Government of Canada Yield plus 46 basis points.
The following sets out the relevant yields and the redemption
price per $1,000 principal amount of the 2021 Debentures:
Government of Canada Yield:
0.165%
Premium:
0.460%
Redemption yield:
0.625%
Canada Yield Price:
$
1,015.850
Accrued and unpaid interest to January 4,
2021:
$
18.992
Total Redemption Price:
$
1,034.842
ABOUT GRANITE
Granite is a Canadian-based REIT engaged in the acquisition,
development, ownership and management of logistics, warehouse and
industrial properties in North America and Europe. Granite owns
over 110 investment properties representing approximately 47
million square feet of leasable area.
OTHER INFORMATION
Copies of financial data and other publicly filed documents
about Granite are available through the internet on the Canadian
Securities Administrators’ System for Electronic Document Analysis
and Retrieval (SEDAR) which can be accessed at www.sedar.com and on
the United States Securities and Exchange Commission’s Electronic
Data Gathering, Analysis and Retrieval System (EDGAR) which can be
accessed at www.sec.gov.
For further information, please see our website at
www.granitereit.com or contact Teresa Neto, Chief Financial
Officer, at 647-925-7560 or Andrea Sanelli, Manager, Legal &
Investor Services, at 647-925-7504.
FORWARD LOOKING STATEMENTS
This press release may contain statements that, to the extent
they are not recitations of historical fact, constitute
“forward-looking statements” or “forward-looking information”
within the meaning of applicable securities legislation, including
the United States Securities Act of 1933, as amended, the United
States Securities Exchange Act of 1934, as amended, and applicable
Canadian securities legislation. Forward-looking statements and
forward-looking information may include, among others, statements
regarding Granite’s plans, goals, strategies, intentions, beliefs,
estimates, costs, objectives, economic performance, expectations,
or foresight or the assumptions underlying any of the foregoing.
Words such as “may”, “would”, “could”, “will”, “likely”, “expect”,
“anticipate”, “believe”, “intend”, “plan”, “forecast”, “project”,
“estimate”, “seek”, “objective” and similar expressions are used to
identify forward-looking statements and forward-looking
information. Forward-looking statements and forward-looking
information should not be read as guarantees of future events,
performance or results and will not necessarily be accurate
indications of whether or the times at or by which future events or
performance will be achieved. Undue reliance should not be placed
on such statements. Forward-looking statements and forward-looking
information are based on information available at the time and/or
management’s good faith assumptions and analyses made in light of
its perception of historical trends, current conditions and
expected future developments, as well as other factors management
believes are appropriate in the circumstances, and are subject to
known and unknown risks, uncertainties and other unpredictable
factors, many of which are beyond Granite’s control, that could
cause actual events or results to differ materially from such
forward-looking statements and forward-looking information.
Important factors that could cause such differences include, but
are not limited to, the risks set forth in the annual information
form of Granite Real Estate Investment Trust and Granite REIT Inc.
dated March 4, 2020 (the “Annual Information Form”) and
management’s discussion and analysis of results of operations and
financial position for the three months ended September 30, 2020
(“Q3 MD&A”). The “Risk Factors” section of the Annual
Information Form and the “Risks and Uncertainties” section of the
Q3 MD&A also contain information about the material factors or
assumptions underlying such forward-looking statements and
forward-looking information. Forward-looking statements and
forward-looking information speak only as of the date the
statements and information were made and unless otherwise required
by applicable securities laws, Granite expressly disclaims any
intention and undertakes no obligation to update or revise any
forward-looking statements or forward-looking information contained
in this press release to reflect subsequent information, events or
circumstances or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20201218005707/en/
Teresa Neto Chief Financial Officer 647-925-7560 or Andrea
Sanelli Manager, Legal & Investor Services 647-925-7504
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