Business
H&R Real Estate Investment Trust Announces US$125MM Private Placement of Floating Rate Senior Unsecured Debentures
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES ....
About this update from H&r Real Estate Investment Trust
[{"type":"text","content":"\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. 2, 2015 /CNW/ - H&R Real Estate Investment Trust (\"H&R REIT\") (TSX: HR.UN; HR.DB.D; HR.DB.E and HR.DB.H) is pleased to announce it has entered into an agreement to sell on a private placement \"best efforts\" agency basis, through a syndicate of agents led by TD Securities Inc., US$125 million principal amount of senior unsecured debentures (the \"Series J Debentures\").  The Series J Debentures will be issued at par, bear interest at a rate equal to the 3-month LIBOR plus 108 basis points payable quarterly in arrears and will mature on February 9, 2018.\n\nSubject to customary closing conditions, the offering is scheduled to close on February 9, 2015.  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.\n\nThe debentures offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the debentures in any jurisdiction in which such offer, solicitation or sale would be unlawful.\n\nAbout H&R REIT\n\nH&R REIT is Canada's largest diversified real estate investment trust with total assets of approximately $13.6 billion as at September 30, 2014. H&R REIT is a fully internalized REIT and has ownership interests in a North American portfolio of high quality office, retail and industrial properties comprising over 55 million square feet.\n\nForward-looking Statements\n\nCertain information in this news release contains forward-looking information wi...