New York, Feb. 8 – H&R Real Estate Investment Trust priced $125 million of senior debentures due 2020 with a coupon of Libor plus 79 basis points, according to a news release.
TD Securities, BMO Capital Markets, CIBC Capital Markets, National Bank Financial Inc. and Scotiabank were bookrunners for the best efforts sale.
A condition to closing is that the debentures be rated at least BBB (high) with a stable trend by DBRS.
Proceeds will be used to repay existing debt and for general trust purposes including the redemption of H&R’s C$99,652,000 of 5.9% convertible subordinated debentures due June 30, 2020 on March 12.
H&R is a Toronto-based real estate investment trust with a North American portfolio of high quality office, retail, industrial and residential properties comprising over 46 million square feet.
| Issuer: | H&R Real Estate Investment Trust
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| Issue: | Series P senior debentures
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| Amount: | $125 million
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| Maturity: | Feb. 13, 2020
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| Coupon: | Libor plus 79 bps
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| Price: | Par
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| Bookrunners: | TD Securities, BMO Capital Markets, CIBC Capital Markets, National Bank Financial Inc. and Scotiabank
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| Announcement date: | Feb. 8
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| Settlement: | Feb. 13
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| Distribution: | Private placement in Canada
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