/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR
DISSEMINATION IN THE U.S./
QUÉBEC CITY, June 4, 2015 /CNW
Telbec/ - Cominar Real Estate Investment Trust ("Cominar")
(TSX: CUF.UN) has exercised today its right to redeem its Series E
5.75% convertible unsecured subordinated debentures maturing on
June 30, 2017 (the "Series E
Debentures") in accordance with the terms of the trust
indenture dated September 14, 2004
governing the Series E Debentures, as supplemented by a
supplemental indenture dated as of the 12th day of
January, 2010. The redemption of the Series E Debentures will
be effective on July 6, 2015 (the "Redemption Date").
Upon redemption, Cominar will pay to the holders of Series E
Debentures a redemption price (the "Redemption Price") equal
to the outstanding principal amount of the Series E Debentures
to be redeemed, together with all accrued and unpaid interest
thereon up to but excluding the Redemption Date, for a total of
$1,000.79 per $1,000 principal amount of Series E
Debentures, less any taxes required to be withheld or deducted. The
aggregate principal amount of Series E Debentures currently
outstanding is approximately $86.3
million. Cominar intends to draw funds to pay the Redemption
Price from its credit facility.
The Series E Debentures are listed for trading on the
Toronto Stock Exchange (the "TSX") under the trading
symbol "CUF.DB.E" and may be converted in accordance with their
terms into units of Cominar (the "Units") until June 30, 2017. The Series E Debentures are
convertible at a conversion price of $25.00 for each Unit, so that approximately 40
Units will be issued for each $1,000
principal amount of Series E Debentures converted.
As it is currently contemplated that all Series E
Debentures will be redeemed, Cominar intends to have same be
delisted from the TSX at the close of business on the Redemption
Date.
Profile as at June 4, 2015
Cominar is the third largest diversified real estate investment
trust in Canada and remains the
largest commercial property owner in the Province of Québec.
Cominar currently owns a real estate portfolio of 566 properties in
three different market segments, that is, office properties, retail
properties and industrial and mixed-use properties. Cominar's
portfolio totals 45.9 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