By Angela McDaniels
Tacoma, Wash., Sept. 17 – Cominar Real Estate Investment Trust priced C$250 million of series 6 floating-rate two-year senior debentures and C$300 million of 3.62% 4.75-year series 7 senior debentures, according to a company news release.
The floating-rate debentures priced at par and bear interest at CDOR plus 108 basis points.
The fixed-rate debentures priced at 99.987.
National Bank Financial Inc. and BMO Capital Markets are the co-lead agents. The syndicate also includes Desjardins Securities Inc., RBC Dominion Securities Inc., Scotia Capital Inc. and TD Securities Inc.
Proceeds will be used to pay down debt outstanding under the company’s revolving credit facility and to help finance the acquisition of a real estate portfolio of 15 properties in Quebec and Ontario from Ivanhoe Cambridge Inc., the real estate subsidiary of Caisse de dépôt et placement du Québec.
Quebec City-based Cominar REIT holds office, retail and industrial properties in Canada.
| Issuer: | Cominar Real Estate Investment Trust
|
| Amount: | C$550 million
|
| Securities: | Senior debentures
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| Bookrunners: | National Bank Financial Inc. and BMO Capital Markets (co-lead agents), Desjardins Securities Inc., RBC Dominion Securities Inc., Scotia Capital Inc. and TD Securities Inc.
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| Pricing date: | Sept. 17
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| Settlement date: | Sept. 22
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| Distribution: | Canada
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|
|
| Floating-rate debentures
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| Maturity: | Sept. 22, 2016
|
| Coupon: | CDOR plus 108 bps, payable quarterly
|
| Price: | Par
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| Yield: | CDOR plus 108 bps
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|
|
| Fixed-rate debentures
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| Maturity: | June 21, 2019
|
| Coupon: | 3.62%, payable semiannually
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| Price: | 99.987
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