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LAW./
TORONTO, Feb. 17, 2021 /CNW/ - H&R Real Estate
Investment Trust ("H&R REIT" or "H&R") (TSX: HR.UN) is
pleased to announce it has entered into an agreement to sell on a
private placement "best efforts" agency basis, to a syndicate of
agents co-led and bookrun by Scotia Capital Inc. and CIBC World
Markets Inc., and including BMO Capital Markets, TD Securities Inc.
and National Bank Financial Inc., $300
million principal amount of senior unsecured debentures (the
"Series S Debentures"). The Series S Debentures will be issued for
$100.00 per $100.00 principal amount, carry a coupon rate of
2.633% and will mature on February 19,
2027.
Subject to customary closing conditions, the offering is
expected to close on or about February 19,
2021. It is a condition of closing to the offering that the
debentures be rated at least BBB (high) by DBRS. The offering is on
a private placement basis and the debentures will be issued
pursuant to H&R REIT's trust indenture dated February 3,
2010 as supplemented. These debentures will rank pari passu
with H&R REIT's outstanding senior unsecured debentures.
The net proceeds of the offering will be used for the repayment
of outstanding indebtedness and for general trust purposes.
The debentures offered have not been registered under the U.S.
Securities Act of 1933, as amended, and may not be offered or sold
in the United States absent
registration or an applicable exemption from the registration
requirements. This press release shall not constitute an offer to
sell or the solicitation of an offer to buy nor shall there be any
sale of the debentures in any jurisdiction in which such offer,
solicitation or sale would be unlawful.
About H&R REIT
H&R REIT is one of Canada's
largest real estate investment trusts with total assets of
approximately $13.4 billion at
December 31, 2020. H&R REIT has
ownership interests in a North American portfolio of high quality
office, retail, industrial and residential properties comprising
over 40 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 date of
closing of the offering and the intended use of proceeds. 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