"NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES"
STELLARTON, NS, March 5, 2014 /CNW/ - Crombie Real Estate Investment Trust (TSX: CRR.UN) announced today that it has closed its previously announced $100 million principal amount Series B Notes (senior unsecured) (the "Notes") offering. The Notes carry a coupon rate of 3.962 percent and priced at a premium with an effective yield of 3.90 percent and mature on June 1, 2021 for an approximate term of seven years and three months. The private placement offering was underwritten by a syndicate of dealers co-led by Scotia Capital Inc., CIBC World Markets Inc. and BMO Nesbitt Burns Inc. and included RBC Dominion Securities Inc., TD Securities Inc. and National Bank Financial Inc.
DBRS has assigned a credit rating of BBB(low) with stable trend to the Series B Notes. The net proceeds of the Series B Notes will be used to repay existing debt and for general corporate purposes.
Crombie Real Estate Investment Trust ("Crombie") is an open-ended real estate investment trust established under, and governed by, the laws of the Province of Ontario. Crombie currently owns a portfolio of 249 retail and office properties across Canada, comprising approximately 17.6 million square feet with a strategy to own and operate a portfolio of high quality grocery and drug store anchored shopping centres and freestanding stores in Canada's top 36 markets. More information about Crombie can be found at www.crombiereit.com.
This news release may contain forward-looking statements that reflect the current expectations of management of Crombie about Crombie's future results, performance, achievements, prospects and opportunities. Wherever possible, words such as "continue", "may", "will", "estimate", "anticipate", "believe", "expect", "intend" and similar expressions have been used to identify these forward looking statements. These statements reflect current beliefs and are based on information currently available to management of Crombie.
Readers are cautioned that such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from these statements. Crombie can give no assurance that actual results will be consistent with these forward-looking statements. A number of factors, including those discussed in the Management Discussion and Analysis for the year ended December 31, 2013 under "Risk Management", could cause actual results, performance, achievements, prospects or opportunities to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and a reader should not place undue reliance on the forward-looking statements. There can be no assurance that the expectations of management of Crombie will prove to be correct.
SOURCE: Crombie REIT
For further information:
Mr. Glenn Hynes, FCA
Executive Vice President, Chief Financial Officer and Secretary