Canadian Real Estate Investment Trust

TSX : REF.UN


Canadian Real Estate Investment Trust

December 04, 2013 17:52 ET

Canadian Real Estate Investment Trust Announces $100 Million Offering of 4.323% Series B Senior Unsecured Debentures

TORONTO, ONTARIO--(Marketwired - Dec. 4, 2013) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

Canadian Real Estate Investment Trust (TSX:REF.UN) ("CREIT") announced today that it has agreed to issue, on an agency basis, $100 million aggregate principal amount of series B senior unsecured debentures. These debentures will bear interest at a rate of 4.323% per annum and will mature on January 15, 2021. The debentures were sold at a price of $100.001 per $100 principal amount with an effective yield of 4.322% if held to maturity. The debentures are being offered on an agency basis by a syndicate of agents with RBC Capital Markets being the sole bookrunner and lead agent. The offering is expected to close on or about December 12, 2013. DBRS Limited has provided CREIT with a provisional rating of "BBB" with a "Stable" trend relating to the debentures.

The net proceeds of the offering will be used by CREIT for the repayment of indebtedness.

The offering is being made pursuant to CREIT's base shelf prospectus dated June 18, 2013. The terms of the offering will be described in a prospectus supplement to be filed with Canadian securities regulators.

The debentures offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the debentures in any jurisdiction in which such offer, solicitation or sale would be unlawful.

CREIT is a real estate investment trust focused on accumulating and aggressively managing a portfolio of high-quality real estate assets and delivering the benefits of real estate ownership to Unitholders. The primary benefit is a reliable and, over time, increasing monthly cash distribution. CREIT owns a diversified portfolio of retail, office and industrial properties.

Forward-looking information

This news release contains forward-looking statements relating to CREIT's operations and the environment in which it operates, which are based on CREIT's expectations, estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, a forward-looking statement speaks only as of the date on which such statement is made. CREIT undertakes no obligation to publicly update any such statement, to reflect new information or the occurrence of future events or circumstances, except as required by law.

For further information please visit our website at www.creit.ca.

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