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Crombie REIT announces redemption of outstanding 5.00% Series D Convertible Debentures due September 30, 2019
Crombie REIT announces redemption of outstanding 5.00% Series D Convertible Debentures due...
About this update from Crombie Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\nCrombie REIT announces redemption of outstanding 5.00% Series D Convertible Debentures due September 30, 2019\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\nCanada NewsWire\nNEW GLASGOW, NS, June 2, 2017\n\n\n\nNEW GLASGOW, NS, June 2, 2017 /CNW/ - Crombie Real Estate Investment Trust (\"Crombie\") (TSX: CRR.UN) announced today that it has exercised its right to redeem its 5.00% Series D Convertible Unsecured Subordinated Debentures maturing on September 30, 2019 (the \"Debentures\") in accordance with the terms of the supplemental trust indenture dated July 3, 2012, governing the Debentures. The redemption of the Debentures will be effective on July 4, 2017 (the \"Redemption Date\"). Upon redemption, Crombie will pay to the holders of Debentures the redemption price (the \"Redemption Price\") equal to the outstanding principal amount of the Debentures to be redeemed, together with all accrued and unpaid interest thereon up to but excluding the Redemption Date, for a total of $1,013.01 per $1,000 principal amount of Debentures, less any taxes required to be deducted or withheld.  \n\nThe aggregate principal amount of Debentures currently outstanding is $60,000,000. Crombie intends to draw funds from its existing revolving line of credit to pay the Redemption Price of the redeemed Debentures. The Debentures are listed for trading on the Toronto Stock Exchange under the trading symbol \"CRR.DB.D\" and may be converted in accordance with their terms into Units of Crombie until June 30, 2017.\n\nAbout Crombie \n\nCrombie Real Estate Investment Trust is an unincorporated, open-ended real estate investment trust established under, and governed by, the laws of the Province of Ontario. Crombie currently owns a portfolio of 281 income-producing properties across Canada, comprising approximately 19.1 million square feet with a strategy to own, operate and develop a portfolio of high quality grocery and drug store anchored shopping centres, freestanding stores and mixed use developments primarily in Canada's top urban and suburban markets. \n\nThis news re...