TORONTO, Dec. 21, 2018 /CNW/ - H&R Real Estate
Investment Trust ("H&R") (TSX: HR.UN) announced today that it
has entered into a $250 million,
committed seven-year senior unsecured, non-revolving term loan (the
"Term Loan") with a Canadian chartered bank. The Term Loan will
mature in January 2026.
H&R has, through an interest rate swap, fixed the Term
Loan's interest payments at an all-in rate of 3.9% for the full
seven year term. After the proceeds from the Term Loan have been
used to repay existing bank indebtedness, H&R will have
approximately $700 million of unused
capacity under revolving credit facilities available with its
existing lenders. H&R intends to use part of its available
capacity under its credit facilities for general corporate purposes
and to fund property development.
About H&R REIT
H&R REIT is one of Canada's
largest fully internalized real estate investment trusts with total
assets of approximately $14.2 billion
at September 30, 2018. H&R REIT
has ownership interests in a North American portfolio of high
quality office, retail, industrial and residential properties
comprising over 41 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's plans,
objectives, expectations and intentions, including the repayment of
existing bank indebtedness with the proceeds of the Term Loan and
the use of H&R's available capacity under its bank facilities.
Such forward-looking statements reflect H&R'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's estimates and assumptions that are subject to
risks and uncertainties, including those discussed in H&R's
materials filed with the Canadian securities regulatory authorities
from time to time, which could cause the actual results and
performance of H&R 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 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,
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