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Crombie REIT Announces Offerings of $150 Million Series H Unsecured Notes and $150 Million Series I Unsecured Notes
Crombie REIT Announces Offerings of $150 Million Series H Unsecured Notes and $150 Millio...
About this update from Crombie Real Estate Investment Trust
[{"type":"text","content":"CrombieREIT-Offering\n \n \n \n Crombie REIT Announces Offerings of $150 Million Series H Unsecured Notes and $150 Million Series I 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 NEW GLASGOW, NS, Oct. 5, 2020\n \n \n \n \n \n NEW GLASGOW, NS\n \n ,\n \n Oct. 5, 2020\n \n /CNW/ - Crombie Real Estate Investment Trust (\"Crombie\") (TSX: CRR.UN), announced today that it entered into an agreement to issue\n \n $150 million\n \n aggregate principal amount of Series H Senior Unsecured Notes maturing\n \n March 31, 2028\n \n (the \"Series H Notes\"). The Series H Notes will bear interest at a rate of 2.686% per annum. Additionally, Crombie has entered into an agreement to issue\n \n $150 million\n \n aggregate principal amount of Series I Senior Unsecured Notes maturating\n \n October 9, 2030\n \n (the \"Series I Notes\"). The Series I Notes will bear interest at a rate of 3.211% per annum.\n \n \n The Series H Notes and the Series I Notes (together the \"Notes\") are being offered with a syndicate of agents, co-led by Scotia Capital Inc., BMO Nesbitt Burns Inc., and National Bank Financial Inc., and including CIBC World Markets Inc., RBC Dominion Securities Inc., TD Securities Inc., and Desjardins Securities Inc., to sell, on a best effort, private placement basis.\n \n \n Net proceeds from the Notes offerings will be used to repay, redeem or refinance existing indebtedness, including indebtedness under bank credit facilities and outstanding debt securities and general trust purposes.\n \n \n The offerings are expected to close on or about\n \n October 9, 2020\n \n and are subject to customary closing conditions, including receipt of necessary consents and approval and the Notes receiving a rating of at least BBB(low) with a stable trend from DBRS.\n \n \n The 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 Notes will not be registered under the United States Securities Act of 1933, as amended (the \"Securities Act\") or any state secur...