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Canadian Tire Corporation and CT REIT Announce Closing of $265 million Joint Secondary and Treasury Offering of CT REIT Units
Canadian Tire Corporation and CT REIT Announce Closing of $265 million Joint Secondary and...
About this update from Ct Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\nCanadian Tire Corporation and CT REIT Announce Closing of $265 million Joint Secondary and Treasury Offering of CT REIT Units\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\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Nov. 28, 2018\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n TORONTO, Nov. 28, 2018 /CNW/ - CT Real Estate Investment Trust (\"CT REIT\") (TSX: CRT.UN) and certain subsidiaries of Canadian Tire Corporation, Limited (collectively, \"Canadian Tire\", \"CTC\" or the \"Company\") (TSX: CTC) (TSX: CTC.A) announced today that they have closed the previously announced public offering of 21,115,000 Units of CT REIT (\"Units\") at a price of $12.55 per Unit (the \"Offering\"). The Offering consisted of a secondary offering of 15,936,000 Units by CTC and a treasury offering of 5,179,000 Units by CT REIT for gross proceeds of approximately $200 million and $65 million, respectively.\nThe net proceeds of the secondary offering will be used by CTC to support the continued investment in its owned brand strategy, including the recently completed acquisition of Helly Hansen, and for general corporate purposes. The net proceeds of the treasury offering will be used by CT REIT to fund previously announced acquisitions and the ongoing development of certain of its existing properties, and to pay down its credit facility. The combined secondary and treasury offering is expected to increase the public float of CT REIT's Units by more than 65%.\nThe Offering was made through a syndicate of underwriters led by RBC Capital Markets and Scotiabank (the \"Underwriters\"). The Underwriters were granted an over-allotment option to purchase up to an additional 2,788,000 Units in the aggregate from CT REIT and a subsidiary of CTC on the same terms and conditions as the Offering, exercisable at any time, in whole or in part, for a period of 30 days following the closing of the Offering. \nAs a result of the Offering, CTC decreased its ownership of Units and Class B limited partnership units (the \"Class B LP Uni...