By Cristal Cody
Prospect News, Jan. 13 - Cominar Real Estate Investment Trust sold C$100 million in a reopening of its 4.941% seven-year senior debentures (DBRS: BBB) at 101.077 to yield 4.747% on Monday, according to the company and an informed source.
The series 4 debentures due July 27, 2020 priced with a spread of 275 basis points over the Government of Canada benchmark.
National Bank Financial Inc. and BMO Capital Markets Corp. were the lead managers.
Co-managers were RBC Dominion Securities Inc., Desjardins Securities Inc., CIBC World Markets Inc., Scotia Capital Inc., TD Securities Inc. and Macquarie Capital Markets Canada Ltd.
The firm first priced the issue on July 22 in a C$100 million offering at par to yield a spread of 290 bps over the government benchmark. The total outstanding is C$200 million.
Cominar intends to use the proceeds to repay debt outstanding under its credit facility, to fund a portion of future acquisitions 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 reopening
|
| Maturity: | July 27, 2020
|
| Securities: | Senior debentures
|
| Bookrunners: | National Bank Financial Inc. and BMO Capital Markets Corp.
|
| Co-managers: RBC Dominion Securities Inc., Desjardins Securities Inc., CIBC World Markets Inc., Scotia Capital Inc., TD Securities Inc. and Macquarie Capital Markets Canada Ltd.
|
| Coupon: | 4.941%
|
| Price: | 101.077
|
| Yield: | 4.747%
|
| Spread: | 275 bps plus Government of Canada benchmark
|
| Pricing date: | Jan. 13
|
| Settlement date: | Jan. 16
|
| Ratings: DBRS: BBB
|
| Distribution: | Canada
|
| Total outstanding: C$200 million
|
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