/NOT FOR DISTRIBUTION IN THE UNITED
STATES OR OVER UNITED
STATES WIRE SERVICES/
QUÉBEC CITY, Sept. 22, 2014 /CNW
Telbec/ - Cominar Real Estate Investment Trust ("Cominar")
(TSX: CUF.UN) announced today that it has closed the
previously‑announced public offering of its Series 6 floating rate
senior unsecured debentures in the principal amount of $250 million (the "Series 6 Debentures") and of
its 3.62% Series 7 senior unsecured debentures in the principal
amount of $300 million (the "Series 7
Debentures" and, together with the Series 6 Debentures,
collectively, the "Debentures"). The Series 6 Debentures were
offered at par, bear interest at a rate equal to the 3-month CDOR
plus 108 basis points payable quarterly in arrears, and will mature
on September 22, 2016. The Series 7
Debentures were offered at a price of $999.87 per $1,000
principal amount of Series 7 Debentures, bear interest at a rate
equal to 3.62% payable semi-annually in arrears, and will mature on
June 21, 2019.
The Debentures were sold pursuant to an agency agreement with
National Bank Financial Inc. and BMO Capital Markets, as co-lead
agents, along with a syndicate that also includes Desjardins
Securities Inc., RBC Dominion Securities Inc., Scotia Capital Inc.
and TD Securities Inc., for total net proceeds to Cominar of
approximately $548.1 million after
deducting the agents' fee and the expenses of the offering.
Cominar intends to use the net proceeds of the offering to pay
down debt outstanding under its unsecured revolving credit facility
and to finance a portion of the previously‑announced acquisition of
a real estate portfolio of 15 properties in Québec and Ontario from Ivanhoé Cambridge Inc., the real
estate subsidiary of Caisse de dépôt et placement du Québec.
The Debentures have not been and will not be registered under
the United States Securities
Act of 1933, as amended, and accordingly will not be offered,
sold or delivered, directly or indirectly, within the United States, its territories, its
possessions and other areas subject to its jurisdiction or to, or
for the account or for the benefit of, a U.S. person, except
pursuant to applicable exemptions from the registration
requirements.
PROFILE as at September 22,
2014
Cominar is the third largest diversified real estate investment
trust in Canada and remains the
largest commercial property owner in the Province of Québec. The
REIT owns a real estate portfolio of 526 properties in three
different market segments, that is, office properties, retail
properties and industrial and mixed-use properties. Cominar's
portfolio totals 39.5 million square feet spread out across Québec,
Ontario, the Atlantic Provinces
and Western Canada. Cominar's
objectives are to pay growing cash distributions to unitholders and
to maximize unitholder value through proactive management and the
expansion of its portfolio.
Forward-Looking Statements
This press release may contain forward-looking statements with
respect to Cominar and its operations, strategy, financial
performance and financial condition. These statements generally can
be identified by the use of forward-looking words such as "may",
"will", "expect", "estimate", "anticipate", "intend", "believe" or
"continue" or the negative thereof or similar variations. The
actual results and performance of Cominar discussed herein could
differ materially from those expressed or implied by such
statements. Such statements are qualified in their entirety by the
inherent risks and uncertainties surrounding future
expectations. Some important factors that could cause actual
results to differ materially from expectations include, among other
things, general economic and market factors, competition, changes
in government regulation and the factors described under "Risk
Factors" in the Annual Information Form of Cominar. The
cautionary statements qualify all forward-looking statements
attributable to Cominar and persons acting on its behalf. Unless
otherwise stated, all forward-looking statements speak only as of
the date of this press release.
SOURCE Cominar Real Estate Investment Trust