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H&R Announces US$125MM Private Placement of Floating Rate Senior Unsecured Debentures
H&R Announces US$125MM Private Placement of Floating Rate Senior Unsecured Debentures ...
About this update from H&r Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\nH&R Announces US$125MM Private Placement of Floating Rate Senior 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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\nH&R Announces US$125MM Private Placement of Floating Rate Senior Unsecured Debentures\nCanada NewsWire\nTORONTO, Feb. 8, 2018\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW./   \n\n\n\nTORONTO, Feb. 8, 2018 /CNW/ - H&R Real Estate Investment Trust (\"H&R REIT\" or \"H&R\") (TSX: HR.UN; and HR.DB.D) is pleased to announce it has entered into an agreement to sell on a private placement \"best efforts\" agency basis, to a syndicate of agents co-led and bookrun by TD Securities, BMO Capital Markets, CIBC Capital Markets, National Bank Financial Inc. and Scotiabank, US$125 million principal amount of senior unsecured debentures (the \"Series P Debentures\").  The Series P Debentures will be issued at par, bear interest at a rate equal to 3-month LIBOR plus 79 basis points payable quarterly in arrears and will mature on February 13, 2020.\n\nSubject to customary closing conditions, the offering is scheduled to close on February 13, 2018. It is a condition of closing to the offering that the debentures be rated at least BBB (high) with a stable trend by DBRS. The offering is on a private placement basis and the debentures will be issued pursuant to H&R REIT's trust indenture dated February 3, 2010 as supplemented.  These debentures will rank pari passu with H&R REIT's outstanding senior unsecured debentures.\n\nThe net proceeds of the offering will be used for the repayment of existing indebtedness and for general trust purposes, including the redemption of H&R's 5.90% convertible unsecured subordinated debentures  due June 30, 2020 (the \"2020 Convertible Debentures\"), of which $99,652,000 aggregate principal amount is currently outstanding.\n\nH&R is also pleased to announce its intention to rede...