By Cristal Cody
Eureka Springs, Ark., May 16 – CT Real Estate Investment Trust sold C$350 million of senior debentures (/BBB+/DBRS: BBB) in two parts on Monday, according to a company news release and a company spokesman.
The company placed C$150 million of 2.159% five-year series C debentures at par to yield a spread of 143 basis points over the Government of Canada benchmark.
The deal also included C$200 million of 3.289% 10-year series D debentures priced at par to yield 198 bps plus the government benchmark.
RBC Dominion Securities Inc. and BMO Nesbitt Burns Inc. were the bookrunners.
CT REIT intends to use the proceeds to pay down some amounts outstanding under its credit facility and for general business purposes.
The Toronto-based REIT owns a portfolio of retail properties located across Canada.
| Issuer: | CT Real Estate Investment Trust
|
| Amount: | C$350 million
|
| Securities: | Senior debentures
|
| Bookrunners: | RBC Dominion Securities Inc. and BMO Nesbitt Burns Inc.
|
| Pricing date: | May 16
|
| Settlement date: | May 31
|
| Ratings: | S&P: BBB+
|
| DBRS: BBB
|
| Distribution: | Canada
|
|
|
| Series C debentures
|
| Amount: | C$150 million
|
| Maturity: | June 1, 2021
|
| Coupon: | 2.159%
|
| Price: | Par
|
| Yield: | 2.159%
|
| Spread: | 143 bps over Government of Canada benchmark
|
|
|
| Series D debentures
|
| Amount: | C$200 million
|
| Maturity: | June 1, 2026
|
| Coupon: | 3.289%
|
| Price: | Par
|
| Yield: | 3.289%
|
| Spread: | 198 bps over Government of Canada benchmark
|
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