Cominar to pay down revolver with proceeds of C$250 million debentures

By Wendy Van Sickle

Columbus, Ohio, May 17 – Cominar Real Estate Investment Trust plans to pay down debt outstanding under its revolving credit facility with the proceeds of a C$250 million offering of debentures, according to a company news release.

The company said paying down the revolver will facilitate its ability to repay its C$250 million of series 6 debentures due Sept. 22, 2016.

The company priced C$250 million of series 10 4.247% seven-year senior debentures at par. The offering is expected to settle Friday.

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

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