Business
Smart Real Estate Investment Trust Closes $350 Million Series O and Series P Senior Unsecured Debentures Issue
Smart Real Estate Investment Trust Closes $350 Million Series O and Series P Senior Unsecu...
About this update from Smartcentres Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\nSmart Real Estate Investment Trust Closes $350 Million Series O and Series P Senior Unsecured Debentures Issue\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\nSmart Real Estate Investment Trust Closes $350 Million Series O and Series P Senior Unsecured Debentures Issue\nCanada NewsWire\nTORONTO, Aug. 30, 2016\n\n\n\n/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES/\n\n\n\nTORONTO, Aug. 30, 2016 /CNW/ - Smart Real Estate Investment Trust (\"SmartREIT\") (TSX:SRU.UN) announced today that it has closed its previously announced $350 million aggregate principal amount issue of senior unsecured debentures. The issue included (i) $100 million principal amount of Series O senior unsecured debentures that carry an annual coupon rate of 2.987% and will mature on August 28, 2024 and (ii) $250 million principal amount of Series P senior unsecured debentures that carry an annual coupon rate of 3.444% and will mature on August 28, 2026. The issue was offered by a syndicate of dealers co-led and book-run by CIBC Capital Markets and BMO Capital Markets. \n\nSmartREIT intends to use the net proceeds from the offering to repay existing indebtedness, including the redemption of its $100 million 5.00% Series F senior unsecured debentures due February 1, 2019, $90 million 4.70% Series G senior unsecured debentures due August 22, 2018, the repayment of $100 million outstanding under SmartREIT's revolving credit facility, and for general trust purposes. \n\nDBRS Limited has provided SmartREIT with a credit rating of BBB, with a stable trend, relating to the debentures.\n\nThe debentures offered have not been registered under the United States Securities Act of 1933, as amended or state securities laws. Absent registration or an applicable exemption from the registration requirements, this press release does not constitute an offer to sell or solicitation of an offer to buy any of the debentures in any jurisdiction in which such offer, solicitation or sale would be unlawful.\n\nThis offering is being made by way of a prospec...