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H&R Announces $125 MM Senior Unsecured Debenture Financing and Intention to Redeem Outstanding 2018 Convertible Unsecured Debentures
H&R Announces $125 MM Senior Unsecured Debenture Financing and Intention to Redeem Out...
About this update from H&r Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\nH&R Announces $125 MM Senior Unsecured Debenture Financing and Intention to Redeem Outstanding 2018 Convertible Unsecured Debentures\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\nH&R Announces $125 MM Senior Unsecured Debenture Financing and Intention to Redeem Outstanding 2018 Convertible Unsecured Debentures\nCanada NewsWire\nTORONTO, Aug. 22, 2017\n\n\n\nTORONTO, Aug. 22, 2017 /CNW/ - H&R Real Estate Investment Trust (\"H&R REIT\" or \"H&R\") (TSX: HR.UN; HR.DB.D; and HR.DB.H) is pleased to announce an offering (the \"Offering\") of an additional $125 million principal amount of Series L Senior Unsecured Debentures (the \"Series L Debentures\"), which is a re-opening of this series of debentures, the original issuance of which was completed in November 2016. The Series L Debentures are being offered on an agency basis by a syndicate of agents co-led by TD Securities, BMO Capital Markets, CIBC Capital Markets and Scotiabank. These debentures will carry a coupon rate of 2.923% and will mature on May 6, 2022. The additional Series L Debentures are being offered at a price of $98.776 per $100 principal amount plus accrued interest, with an effective yield of 3.205% if held to maturity. An aggregate of $325 million of such debentures will be outstanding after giving effect to the Offering. The Offering is expected to close on or about August 25, 2017. It is a condition of closing that a final rating by DBRS of BBB (high) be obtained.\n\nH&R intends to use the net proceeds of the Offering for general trust purposes, including the redemption of H&R's 5.40% convertible unsecured subordinated debentures due November 30, 2018 (the \"2018 Convertible Debentures\"), of which $74,394,000 aggregate principal amount is currently outstanding.\n\nThe Offering of the Series L Debentures is being made under H&R REIT's existing short form base shelf prospectus dated May 3, 2017. The terms of the Offering of the Series L Debentures will be described in a prospectus supplement to be filed with Canadian securities regulators...