By Cristal Cody
Tupelo, Miss., Jan. 28 – Canadian Real Estate Investment Trust sold C$100 million of 2.564% senior debentures due Nov. 30, 2019 at 100.101 to yield 2.542% on Wednesday, according to the company and a market source.
The series C debentures (DBRS: BBB) priced with a spread of 186 basis points over the Government of Canada benchmark.
RBC Dominion Securities Inc. was the bookrunner.
The debentures are callable at the Canada bond yield plus 45.5 bps.
Proceeds will be used to repay debt and for general business purposes.
Toronto-based Canadian Real Estate Investment Trust owns and manages retail, office and industrial properties.
| Issuer: | Canadian Real Estate Investment Trust
|
| Amount: | C$100 million
|
| Maturity: | Nov. 30, 2019
|
| Securities: | Senior debentures
|
| Bookrunner: | RBC Dominion Securities Inc.
|
| Co-managers: | TD Securities Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., Scotia Capital Inc., National Bank Financial Inc., RJ Ltd., Canaccord Capital Corp.
|
| Coupon: | 2.564%
|
| Price: | 100.101
|
| Yield: | 2.542%
|
| Spread: | 186 bps over Government of Canada benchmark
|
| Call feature: | Canada bond yield plus 45.5 bps
|
| Pricing date: | Jan. 28
|
| Settlement date: | Feb. 5
|
| Rating: | DBRS: BBB
|
| Distribution: | Canada
|
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