Granite REIT to redeem series 2 senior debentures due 2021

By Taylor Fox

New York, Dec. 18 – Granite REIT Holdings LP, a wholly owned subsidiary of Granite Real Estate Investment Trust, plans to redeem in full its outstanding C$250 million 3.788% series 2 senior debentures due 2021, according to a news release.

The debentures will be redeemed on Jan. 4 for a redemption price that is equal to the greater of the 0.165% Canada yield price, C$1,015.85 per C$1,000 of debentures, and the principal amount of the debentures.

In each case, interest of C$18.992 per C$1,000 will be paid for a total redemption price of C$1,034.842 per C$1,000.

The redemption will be funded using proceeds from its offering of C$500 million 2.378% series 5 senior debentures due 2030.

Any remaining proceeds will be used for general corporate purposes.

Granite REIT is a Toronto-based real estate investment trust that owns and manages mostly industrial, warehouse and logistics properties in North America and Europe.

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