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CROMBIE REIT ANNOUNCES OFFERING OF $300 MILLION SERIES M UNSECURED NOTES
CROMBIE REIT ANNOUNCES OFFERING OF $300 MILLION SERIES M 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 $300 MILLION SERIES M 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 Oct. 8, 2024\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 $300 million\n \n aggregate principal amount of Series M Senior Unsecured Notes maturing\n \n January 15, 2032\n \n (the \"Series M Notes\"). The Series M Notes will bear interest at a rate of 4.732% per annum and were offered at a price of\n \n $999.79\n \n per\n \n $1,000.00\n \n principal amount.\n \n\n\n\n\n\n\n\n\n The Series M Notes are being offered with a syndicate of agents, co-led by Scotia Capital Inc. and CIBC World Markets Inc., and including Desjardins Securities Inc., National Bank Financial Inc., TD Securities Inc., BMO Nesbitt Burns Inc., and RBC Dominion Securities Inc., to sell, on a best effort, private placement basis.\n \n\n Net proceeds from the Series M Notes offering will be used to repay, redeem, or refinance existing indebtedness, including maturing mortgage financings, indebtedness under existing bank credit facilities, and outstanding debt securities, as well as general trust purposes.\n \n\n The offering is expected to close on or about\n \n October 11, 2024\n \n and is subject to customary closing conditions, including receipt of necessary consents and approvals and the Series M Notes receiving a rating of at least BBB(low) with a positive trend from Morningstar DBRS.\n \n\n The Series M 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 M 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...