CT REIT completes $175M unsecured debentures offering

CT Real Estate Investment Trust (CT REIT), (TSX: CRT.UN) has completed its previously announced issuance of $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 Debenture Offering was led by RBC Capital Markets and TD SecuritiesStikeman Elliott LLP and  Osler, Hoskin & Harcourt LLP acted as the legal counsel to CT REIT and the underwriters respectively.

The proceed of the offering will be used to pay down the company’s credit obligations and for general business purposes.

News Release

CT REIT COMPLETES SERIES E UNSECURED DEBENTURES OFFERING

TORONTO, June 16, 2017 /CNW/ – CT Real Estate Investment Trust (CT REIT), (TSX:CRT.UN) announced today that it has completed its previously announced issuance of $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 was made under CT REIT’s short form base shelf prospectus, dated April 5, 2017 and prospectus supplement dated June 13, 2017 filed with Canadian securities regulators in each of the provinces and territories of Canada. The Debentures have been 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 are 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 was 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 311 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