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SmartCentres Real Estate Investment Trust Announces Minimum $350 Million Series X and $250 Million Series Y Senior Unsecured Debenture Issues
SmartCentres Real Estate Investment Trust Announces Minimum $350 Million Series X and $25...
About this update from Smartcentres Real Estate Investment Trust
[{"type":"text","content":"\n \n \n \n SmartCentres Real Estate Investment Trust Announces Minimum $350 Million Series X and $250 Million Series Y Senior Unsecured Debenture Issues\n \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 \n /NOT FOR DISTRIBUTION IN\n \n THE UNITED STATES\n \n OR OVER\n \n UNITED STATES\n \n WIRE SERVICES/\n \n \n \n \n TORONTO\n \n ,\n \n Dec. 11, 2020\n \n /CNW/ - SmartCentres Real Estate Investment Trust (\"SmartCentres\" or the \"Trust\") (TSX:SRU.UN) announced today that it is proposing to issue a minimum of\n \n $350 million\n \n aggregate principal amount of Series X senior unsecured debentures and a minimum of\n \n $250 million\n \n aggregate principal amount of Series Y senior unsecured debentures on an agency basis, subject to market conditions. The Series X debentures will mature on\n \n December 16, 2025\n \n and the Series Y debentures will mature on\n \n December 18, 2028\n \n . The debentures are being offered by a syndicate of agents with Scotia Capital as the lead left bookrunner, RBC Capital Markets, BMO Capital Markets, CIBC Capital Markets, National Bank Financial, and TD Securities as joint bookrunners and co-leads, and Desjardins Securities, Canaccord Genuity,\n \n Casgrain\n \n , HSBC Securities (\n \n Canada\n \n ), Industrial Alliance Securities and Stifel Nicolaus Canada as co-managers. The two offerings are expected to close on or about\n \n December 16, 2020\n \n . DBRS Limited has provided SmartCentres with a provisional credit rating of BBB (high) with a stable trend relating to the debentures.\n \n \n SmartCentres intends to use the net proceeds of the offering, together with cash on hand, to refinance existing debt, including the repayment of its\n \n $350 million\n \n Series T senior unsecured debentures due 2021, the redemption of its\n \n $150 million\n \n Series M senior unsecured debentures due 2022, and the redemption of its\n \n $150 million\n \n Series Q senior unsecured debentures due 2022.\n \n \n These offerings are being made by way of a private placement to certain accredited investo...