By Cristal Cody
Tupelo, Miss., July 22 - Cominar Real Estate Investment Trust sold C$100 million of 4.941% seven-year senior debentures (DBRS: BBB) at par on Monday, according to the company and an informed source.
The series 4 debentures priced at a spread of 290 basis points over the Government of Canada benchmark.
National Bank Financial Inc. and BMO Capital Markets Corp. were the lead managers.
Cominar intends to use the proceeds to repay debt outstanding under its credit facility and for general trust purposes.
Quebec City-based Cominar REIT holds office, retail and industrial properties in Canada.
| Issuer: | Cominar Real Estate Investment Trust
|
| Amount: | C$100 million
|
| Maturity: | July 27, 2020
|
| Securities: | Senior debentures
|
| Bookrunners: | National Bank Financial Inc., BMO Capital Markets Corp.
|
| Co-managers: | RBC Dominion Securities Inc., Desjardins Securities Inc., CIBC World Markets Inc., Scotia Capital Inc., TD Securities Inc., HSBC Securities (Canada) Inc. and Macquarie Capital Markets Canada Ltd.
|
| Coupon: | 4.941%
|
| Price: | Par
|
| Yield: | 4.941%
|
| Spread: | 290 bps over Government of Canada benchmark
|
| Pricing date: | July 22
|
| Settlement date: | July 25
|
| Rating: | DBRS: BBB
|
| Distribution: | Canada
|
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