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TORONTO, Aug. 25, 2017 /CNW/ - H&R Real Estate
Investment Trust ("H&R REIT" or "H&R") (TSX: HR.UN;
HR.DB.D; and HR.DB.H) announced today that it completed its
previously announced offering of an additional $125 million principal amount of 2.923% Series L
Senior Unsecured Debentures due May 6,
2022 (the "Series L Debentures"). The Series L Debentures
were offered on an agency basis by a syndicate of agents co-led and
bookrun by TD Securities, BMO Capital Markets, CIBC Capital Markets
and Scotiabank. The net proceeds from the offering of the Series L
Debentures will be utilized by H&R REIT for general trust
purposes, including the redemption of H&R's 5.40% convertible
unsecured subordinated debentures due November 30, 2018 (the "2018 Convertible
Debentures"), of which $74,394,000
aggregate principal amount is currently outstanding.
H&R is also pleased to announce that it has delivered the
redemption notice in respect of the 2018 Convertible Debentures to
the trustee, CIBC Mellon Trust Company. The 2018 Convertible
Debentures will be redeemed on September 21,
2017 (the "Redemption Date"). The 2018 Convertible
Debentures are listed for trading on the TSX under the trading
symbol HR.DB.H. The outstanding 2018 Convertible Debentures will be
redeemed as at the Redemption Date upon payment by H&R of a
redemption amount equal to the aggregate principal amount (being
$74,394,000 on the date hereof) and
all accrued and unpaid interest thereon up to but excluding the
Redemption Date, less any applicable withholding taxes.
About H&R REIT
H&R REIT is Canada's
largest diversified real estate investment trust with total assets
of approximately $14.1 billion at
June 30, 2017. 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 and the redemption of the 2018
Convertible Debentures. 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