Cominar to pay down revolver with proceeds of C$550 million debentures

By Angela McDaniels

Tacoma, Wash., Sept. 17 – Cominar Real Estate Investment Trust plans to pay down debt outstanding under its revolving credit facility with the proceeds of a C$550 million offering of debentures, according to a company news release.

Proceeds will be used 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 depot et placement du Quebec.

The company priced C$250 million of series 6 floating-rate two-year senior debentures at par and C$300 million of 3.62% 4.75-year series 7 senior debentures at 99.987. The offering is expected to settle Monday.

Quebec City-based Cominar REIT holds office, retail and industrial properties in Canada.

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