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TORONTO, Jan. 30, 2017 /CNW/ - H&R Real Estate
Investment Trust ("H&R REIT") (TSX: HR.UN; HR.DB.D; and
HR.DB.H) announced today that it completed its previously announced
offering of $200 million principal
amount of 3.369% Series N senior unsecured debentures due
January 30, 2024 (the "Series N
Debentures"). H&R REIT had previously agreed to sell the Series
N Debentures to a syndicate of underwriters co-led by BMO Capital
Markets, CIBC Capital Markets, Scotiabank and TD Securities, on a
bought deal basis.
The net proceeds from the offering of the Series N Debentures
will be utilized by H&R REIT to repay outstanding indebtedness
and for general trust purposes. In particular, it is anticipated
that the net proceeds from this offering together with the net
proceeds from the private placement of Series M senior unsecured
debentures that closed on January 23,
2017 and the net proceeds from the previously announced sale
of a 50% interest in two Canadian enclosed shopping centres will be
utilized by H&R REIT to (i) repay two series of outstanding
debentures having an aggregate principal amount of approximately
$175 million maturing between January 23 and February 3, 2017, and (ii)
repay outstanding mortgages having an aggregate principal amount of
approximately $307 million maturing
between February 1 and March 1,
2017.
About H&R REIT
H&R REIT is Canada's
largest diversified real estate investment trust with total assets
of approximately $14.5 billion as at
September 30, 2016. H&R REIT is a
fully internalized real estate investment trust and has ownership
interests in a North American portfolio of high quality office,
retail, industrial and residential properties comprising over 46
million square feet.
Forward-looking Statements
Certain statements in this news release contain forward-looking
information within the meaning of applicable securities laws (also
known as forward-looking statements). These forward-looking
statements include, but are not limited to H&R REIT's plans,
objectives, expectations and intentions, including the expected use
of proceeds of the offering. Such forward-looking statements
reflect H&R REIT's current beliefs and are based on information
currently available to management. These statements are not
guarantees of future performance and are based on H&R REIT's
estimates and assumptions that are subject to risks and
uncertainties, including those discussed in H&R REIT's
materials filed with the Canadian securities regulatory authorities
from time to time, which could cause the actual results and
performance of H&R REIT to differ materially from the
forward-looking statements contained in this news release. Although
the forward-looking statements contained in this news release are
based upon what H&R REIT believes are reasonable assumptions,
there can be no assurance that actual results will be consistent
with these forward-looking statements. All forward-looking
statements in this news release are qualified by these cautionary
statements. These forward-looking statements are made as of today
and H&R REIT, except as required by applicable law, assumes no
obligation to update or revise them to reflect new information or
the occurrence of future events or circumstances.
Additional information regarding H&R REIT is available at
http://www.hr-reit.com and on www.sedar.com.
SOURCE H&R Real Estate Investment Trust