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CROMBIE REIT ANNOUNCES OFFERING OF $200 MILLION SERIES K UNSECURED NOTES
CROMBIE REIT ANNOUNCES OFFERING OF $200 MILLION SERIES K UNSECURED NOTES Canada NewsWir...
About this update from Crombie Real Estate Investment Trust
[{"type":"text","content":"\n \n \n \n CROMBIE REIT ANNOUNCES OFFERING OF $200 MILLION SERIES K UNSECURED NOTES\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 \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n NEW GLASGOW, NS\n \n \n ,\n \n \n March 23, 2023\n \n \n /CNW/ - Crombie Real Estate Investment Trust (\"Crombie\" or the \"REIT\") (TSX: CRR.UN), announced today that it entered into an agreement to issue\n \n $200 million\n \n aggregate principal amount of Series K Senior Unsecured Notes maturing\n \n September 28, 2029\n \n (the \"Series K Notes\"). The Series K Notes will bear interest at a rate of 5.244% per annum.\n \n \n \n \n \n \n \n \n \n The Series K Notes are being offered with a syndicate of agents, co-led by TD Securities Inc., Scotia Capital Inc., and BMO Nesbitt Burns Inc., and including CIBC World Markets Inc., National Bank Financial Inc., Desjardins Securities Inc., and RBC Dominion Securities Inc., to sell, on a best effort, private placement basis.\n \n \n Net proceeds from the Series K Notes offering will be used to repay the\n \n $150 million\n \n drawn on the unsecured non-revolving bank loan and certain indebtedness outstanding on Crombie's revolving credit facilities and for general trust purposes.\n \n \n The offering is expected to close on or about\n \n March 28, 2023\n \n and is subject to customary closing conditions, including receipt of necessary consents and approvals and the Series K Notes receiving a rating of at least BBB(low) with a stable trend from DBRS.\n \n \n The Series K Notes will be sold in\n \n Canada\n \n on a private placement basis pursuant to certain prospectus exemptions. The offer and sale of the Series K Notes will not be registered under the United States Securities Act of 1933, as amended (the \"Securities Act\") or any state securities laws, and the Notes may not be offered or sold in\n \n the United States\n \n or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws.\n \n \n This news release do...