By Cristal Cody
Prospect News, Nov. 29 - Cominar Real Estate Investment Trust (DBRS: BBB) priced C$200 million of 4.23% seven-year senior debentures at par on Thursday, according to the company and syndicate sources.
The series 2 debentures priced at a spread of 273 basis points over the interpolated Government of Canada bond curve.
National Bank Financial Inc. and BMO Capital Markets Corp. were the lead managers.
Proceeds will be used to repay amounts outstanding under the company's credit facilities, thereby replacing short-term debt with longer-term debt.
The trust last tapped the Canadian debt markets on Sept. 11 with a C$125 million reopening of its 4.274% debentures due June 15, 2017.
Quebec City-based Cominar REIT owns office, retail and industrial properties in Canada.
| Issuer: | Cominar Real Estate Investment Trust
|
| Amount: | C$200 million
|
| Maturity: | Dec. 4, 2019
|
| Securities: | Senior debentures
|
| Bookrunners: | National Bank Financial Inc. and BMO Capital Markets Corp.
|
| Co-managers: | Desjardins Securities Inc., RBC Dominion Securities Inc., CIBC World Markets Inc., Scotia Capital Inc., TD Securities Inc., HSBC Securities (Canada) Inc., Canaccord Genuity Corp., Dundee Securities Ltd. and Macquarie Capital Markets Canada Ltd.
|
| Coupon: | 4.23%
|
| Price: | Par
|
| Yield: | 4.23%
|
| Spread: | 273 bps over Canadian bond curve
|
| Pricing date: | Nov. 29
|
| Settlement date: | Dec. 4
|
| Rating: | DBRS: BBB
|
| Distribution: | Canada
|
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