Business
Crombie REIT Announces Closing of $100 Million Equity Financing
Crombie REIT Announces Closing of $100 Million Equity Financing Canada NewsWire...
About this update from Crombie Real Estate Investment Trust
[{"type":"text","content":"\n \n \n \n Crombie REIT Announces Closing of $100 Million Equity Financing\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n /NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN\n \n THE UNITED STATES\n \n /\n \n \n \n NEW GLASGOW, NS\n \n ,\n \n May 19, 2021\n \n /CNW/ - Crombie Real Estate Investment Trust (\"Crombie\" or the \"REIT\") (TSX: CRR.UN) announced today that it has closed its previously announced offering, on a bought deal basis, of\n \n $58.5 million\n \n of trust units (the \"Units\") at a price of\n \n $16.60\n \n per Unit to a syndicate of underwriters co-led by Scotiabank and BMO Capital Markets.\n \n \n \n \n \n \n \n \n \n In addition, ECL Developments Limited (\"ECL\"), a wholly-owned subsidiary of Empire Company Limited, has purchased, on a private placement basis,\n \n $41.5 million\n \n of Class B LP Units of Crombie Limited Partnership (\"Class B LP Unit\"), together with the attached Special Voting Units of Crombie, at a price of\n \n $16.60\n \n per Class B LP Unit. Each Class B LP Unit is exchangeable for one Unit of Crombie at the option of the holder. Upon exchange of a Class B LP Unit, the associated Special Voting Unit is cancelled. After the closing of the public offering and the private placement, Empire Company Limited continues to hold a 41.5% economic and voting interest in Crombie.\n \n \n The REIT intends to use the net proceeds from both the offering and the concurrent purchase by ECL to reduce outstanding indebtedness, to fund the REIT's development pipeline and value-add capital programs, and for general trust purposes.\n \n \n The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or applicable state securities laws, and may not be offered or sold in\n \n the United States\n \n absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jur...