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Canadian Tire Corporation and CT REIT to Announce a Joint Secondary and Treasury Offering of CT REIT Units
Canadian Tire Corporation and CT REIT to Announce a Joint Secondary and Treasury Offering ...
About this update from Ct Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\nCanadian Tire Corporation and CT REIT to Announce a 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. 19, 2018\n\n\n\nCTC to monetize a 7.4% effective interest in CT REIT, through a $200 million secondary offering of CT REIT units CT REIT to complete a $65 million treasury offering of CT REIT units to fund growth strategy CTC remains committed to the strategic importance of its real estate portfolio and will retain an approximate 76.3% effective interest in CT REIT following the Offering The Offering should enhance trading liquidity of CT REIT's units/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n TORONTO, Nov. 19, 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 entered into an agreement with a syndicate of underwriters led by RBC Capital Markets and Scotiabank (the \"Underwriters\") pursuant to which the Underwriters will purchase, on a bought-deal basis, an aggregate of 21,115,000 units of CT REIT (\"Units\") at a price of $12.55 per Unit (the \"Offering\").  The Offering consists of a secondary offering of 15,936,000 units by CTC and a treasury offering of 5,179,000 units by CT REIT.  On closing of the Offering, CTC and CT REIT will receive gross proceeds of $200 million and $65 million, respectively.  The Offering is expected to close on or about November 28, 2018, and is subject to customary conditions, including the approval of the Toronto Stock Exchange.  \nCTC and CT REIT have granted the Underwriters an over-allotment option to purchase up to an additional 2,788,000 units in the aggregate on the same terms and conditions, exercisable at any time, in whole or in part, for a period of 30 days following the closing of the Offering.  If the over-allotment option...