pcNewsWire – CT Real Estate Investment Trust (CT REIT) (TSX: CRT.UN) intends to issue $175 million aggregate principal amount of series E senior unsecured debentures with a 10-year term and a coupon of 3.469% per annum.
The offering is led by RBC Capital Markets and TD Securities.
CT REIT Announces Offering of $175M 3.469% Series E Senior Unsecured Debentures due June 16, 2027
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TORONTO, June 13, 2017 /CNW/ – CT Real Estate Investment Trust (CT REIT), (TSX: CRT.UN) announced today that it has agreed to issue, on an agency basis, $175 million aggregate principal amount of series E senior unsecured debentures with a 10-year term and a coupon of 3.469% per annum (the “Debentures”) of CT REIT (the “Debenture Offering”). The Debenture Offering is being made under CT REIT’s short form base shelf prospectus dated April 5, 2017. The terms of the Debenture Offering will be described in a prospectus supplement, dated June 13, 2017, to be filed with Canadian securities regulators in each of the provinces and territories of Canada. The Debenture Offering is expected to close on or about June 16, 2017.
It is expected that the Debentures will be rated “BBB+” by S&P Global Ratings acting through Standard & Poor’s Ratings Services (Canada), a business unit of S&P Global Canada Corp. and “BBB(high)” by DBRS Limited. The Debentures will be direct senior unsecured obligations of CT REIT.
CT REIT intends to use the proceeds of the Debenture Offering to pay down certain amounts outstanding under its credit facility, and to retain the balance of the proceeds for general business purposes.
The Debenture Offering is led by RBC Capital Markets and TD Securities. 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 CT Real Estate Investment Trust
CT Real Estate Investment Trust (TSX:CRT.UN) is an unincorporated, closed end real estate investment trust formed to own income producing commercial properties primarily located in Canada. Its portfolio is comprised of 308 properties containing approximately 25 million square feet of GLA, consisting primarily of retail properties located across Canada. Canadian Tire Corporation, Limited is CT REIT’s most significant tenant. For more information, visit ctreit.com.
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