Business
H&R Completes $262 Million Public Offering of Stapled Units and Convertible Debentures
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. A...
About this update from H&r Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN\n THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY\n CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW./\n\n\nTORONTO, Nov. 22, 2011 /CNW/ - H&R Real Estate Investment Trust (the\n \"REIT\") and H&R Finance Trust (collectively with the REIT, \"H&R\") (TSX:\n HR.UN; HR.DB; HR.DB.B; HR.DB.C; HR.DB.D; HR.DB.E) announced today that\n they have closed the previously announced offering of 8,500,000 H&R\n stapled units (the \"Stapled Units\") at a price of $22.00 per Stapled\n Unit and $75 million principal amount of 4.50% Series E convertible\n unsecured subordinated debentures of the REIT due December 31, 2016\n (the \"Debentures\"), for total aggregate gross proceeds of $262 million.\n\n\nH&R had previously agreed to sell the Stapled Units and Debentures to a\n syndicate of underwriters co-led by CIBC and RBC Capital Markets, on a\n bought deal basis. The net proceeds from the offering will be utilized\n by H&R to repay bank indebtedness, fund future property acquisitions\n and for general trust purposes, including, in the case of H&R Finance\n Trust, for the subscription of additional notes to be issued by H&R\n REIT (U.S.) Holdings Inc.\n\n\nForward-looking Statements\n\n\nCertain statements in this news release contains forward-looking\n information within the meaning of applicable securities laws (also\n known as forward-looking statements), including in particular, H&R's\n expectation regarding the use of proceeds from the offering. Such\n forward-looking statements reflect H&R's current beliefs and are based\n on information currently available to management. These statements are\n not guarantees of future performance and are based on H&R's estimates\n and assumptions that are subject to risks and uncertainties, including\n those discussed in H&R's materials filed with the Canadian securities\n regulatory authorities from time to time, which could cause the actual\n results and performance of H&R to differ materially from the\n forward-looking statements contained in this news release. Those risks\n and uncertainties include, among other things, risks related to: prices\n and market value of securities of H&R; availability of cash for\n distributions; development and financin...