/NOT FOR DISTRIBUTION TO UNITED
STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES/
QUÉBEC CITY, Aug. 6, 2015 /CNW
Telbec/ - Cominar Real Estate Investment Trust
("Cominar") (TSX: CUF.UN) has exercised today its right to
redeem its Series D 6.5% convertible unsecured subordinated
debentures maturing on September 30,
2016 (the "Series D Debentures") in
accordance with the terms of the trust indenture dated September 14, 2004 governing the Series D
Debentures, as supplemented by a supplemental indenture dated as of
the 22nd day of September, 2009. The redemption of the
Series D Debentures will be effective on September 8,
2015 (the "Redemption Date"). Upon redemption, Cominar will
pay to the holders of Series D Debentures a redemption price
(the "Redemption Price") equal to the outstanding principal
amount of the Series D Debentures to be redeemed, together
with all accrued and unpaid interest thereon up to but excluding
the Redemption Date, for a total of $1,028.67 per $1,000 principal amount of Series D
Debentures, less any taxes required to be withheld or deducted. The
aggregate principal amount of Series D Debentures currently
outstanding is approximately $99,8
million. Cominar intends to draw funds to pay the Redemption
Price from its credit facility.
The Series D Debentures are listed for trading on the
Toronto Stock Exchange (the "TSX") under the trading
symbol "CUF.DB.D" and may be converted in accordance with their
terms into units of Cominar (the "Units") until September 30, 2016. The Series D Debentures
are convertible at a conversion price of $20.50 for each Unit, so that approximately 48
Units will be issued for each $1,000
principal amount of Series D Debentures converted.
As it is currently contemplated that all Series D
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 August 6, 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 567 properties in
three different market segments, that is, office properties, retail
properties and industrial and mixed-use properties. Cominar's
portfolio totals 46.0 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