CROMBIE REIT ANNOUNCES OFFERING OF $150 MILLION SERIES D NOTES
November 15, 2017
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
NEW GLASGOW, NS – Crombie Real Estate Investment Trust (“Crombie”) (TSX: CRR.UN), announced today that it entered into an agreement to issue $150 million aggregate principal amount Series D Notes maturing November 21, 2022. The Notes, which will be issued at par, will bear interest at a rate of 4.066% per annum.
The Notes are being offered with a syndicate of agents, co-led by TD Securities Inc., CIBC World Markets Inc. and National Bank Financial Inc. and including BMO Nesbitt Burns Inc., RBC Dominion Securities Inc., and Scotia Capital Inc. to sell, on a best efforts, private placement basis.
Net proceeds from the Notes offering will be used for the repayment of short term indebtedness outstanding under Crombie’s revolving credit facility and its unsecured bilateral credit facility, and for general trust purposes.
The offering is expected to close on or about November 20, 2017 and is subject to customary closing conditions, including receipt of necessary consents and approvals and the Series D Notes receiving a rating of at least BBB(low) with negative trend from DBRS.
The Series D Notes will be sold in Canada on a private placement basis pursuant to certain prospectus exemptions. The offer and sale of Series D Notes will not be registered under the United States Securities Act of 1933, as amended (the “Securities Act”) or any state securities laws, and the Series D Notes may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws.
This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such an offer, solicitation, or sale would be unlawful. The Toronto Stock Exchange has neither approved nor disapproved the form or content of this press release.
About Crombie REIT
Crombie Real Estate Investment Trust is an unincorporated, open-ended real estate investment trust established under, and governed by, the laws of the Province of Ontario. Crombie currently owns a portfolio of 287 income-producing properties across Canada, comprising approximately 19.5 million square feet with a strategy to own, operate and develop a portfolio of high quality grocery and drug store anchored shopping centres, freestanding stores and mixed use developments primarily in Canada’s top urban and suburban markets. More information about Crombie can be found at www.crombiereit.ca.
Additional information relating to Crombie can be found on Crombie’s web site at www.crombiereit.com or on the SEDAR web site for Canadian regulatory filings at www.sedar.com.
For further information, please contact:
Glenn Hynes, FCPA, FCA
Executive Vice President, Chief Financial Officer and Secretary
SOURCE Crombie REIT