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Crombie REIT announces $75 million re-opening of Series B Notes
Crombie REIT announces $75 million re-opening of Series B Notes Canada NewsWire ...
About this update from Crombie Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\nCrombie REIT announces $75 million re-opening of Series B Notes\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.prntaj{\nTEXT-ALIGN: JUSTIFY\n}\n\n\n\n\n\n\n\nCanada NewsWire\nNEW GLASGOW, NS, Aug. 28, 2018\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n\n\n\nNEW GLASGOW, NS, Aug. 28, 2018 /CNW/ - Crombie Real Estate Investment Trust (TSX: CRR.UN) announced today that it entered into an agreement with a syndicate of agents, co-led by TD Securities Inc., CIBC World Markets Inc., and Desjardins Securities Inc. and including BMO Nesbitt Burns Inc., National Bank Financial Inc., RBC Dominions Securities Inc., and Scotia Capital Inc. to sell, on a best efforts, private placement basis, an additional $75 million aggregate principal amount of 3.962 percent Series B Notes (senior unsecured) (the \"Additional Notes\") maturing June 1, 2021. The Additional Notes were priced with an effective yield to maturity of 3.882 percent and sold at a price of $1,002.02 per $1,000.00 principal amount plus accrued interest. \n\nProceeds from the Additional Notes offering will be used for the repayment of the $74.4 million 5.25% Series E Extendible Convertible debentures which Crombie has previously elected to redeem on August 31st, 2018.\n\nThe Additional Notes together with the outstanding Series B Notes will bring the total principal amount of Series B Notes outstanding to $250 million. The offering is expected to close on or about August 31st, 2018 and is subject to customary closing conditions, including receipt of necessary consents and approvals and the Series B Notes receiving a rating of at least BBB(low) with stable trend from DBRS. \n\nDonald E. Clow, FCPA, FCA, President and CEO commented: \"With our strong financial position at the end of the second quarter, we elected to redeem the $74.4 million principal amount of outstanding 5.25% Series E Convertible Debentures. This $75 million reopening of our Series B Unsecured Notes fully refinances the Series E Convertible Debentures redemption...