Cominar announces closing of the re-opening of its 4.23% Series 2 senior
unsecured debentures due December 4, 2019 in the principal amount of $100
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE U.S.
QUÉBEC CITY, Feb. 8, 2013 /CNW Telbec/ - Cominar Real Estate Investment Trust
("Cominar") (TSX: CUF.UN) announces today that it has closed its previously
announced re-opening of its 4.23% Series 2 senior unsecured debentures due
December 4, 2019 in the principal amount of $100 million (the "Debentures").
The Debentures were offered at a price of $991.88 per $1,000 principal amount
of Debentures, plus accrued and unpaid interest for the period from and
including December 4, 2012 to, but excluding, the date of the closing of the
offering. The effective yield of the Debentures (if held to maturity) is
4.368% per annum.
The Debentures were sold pursuant to an Agency Agreement with National Bank
Financial Inc. and BMO Capital Markets, as co-lead agents, along with a
syndicate that also includes Desjardins Securities Inc., RBC Dominion
Securities Inc., CIBC World Markets Inc., Scotia Capital Inc., TD Securities
Inc., HSBC Securities (Canada) Inc., Canaccord Genuity Corp., Dundee
Securities Ltd. and Macquarie Capital Markets Canada Ltd. for total net
proceeds to Cominar of approximately $98.6 million after deducting the agents'
fee and the expenses of the offering. Cominar intends to use the net proceeds
of the offering to repay amounts outstanding under its credit facility and for
general trust purposes, thus replacing shorter-term debt with longer-term debt
at a favorable long-term interest rate without increasing its aggregate
The Debentures have not been and will not be registered under the United
States Securities Act of 1933 and accordingly will not be offered, sold or
delivered, directly or indirectly within the United States, its possessions
and other areas subject to its jurisdiction or to, or for the account or for
the benefit of a U.S. person, except pursuant to applicable exemptions from
the registration requirements.
PROFILE as at February 8, 2013
Cominar is the second largest diversified real estate investment trust in
Canada and currently remains the largest commercial property owner in the
Province of Québec. Cominar owns a real estate portfolio of 501 high-quality
properties, consisting of 123 office, 158 retail and 220 industrial and
mixed-use buildings that cover a total area of 36.7 million square feet in
Québec, Ontario, the Atlantic Provinces and Western Canada. Cominar's
objectives are to pay growing cash distributions to unitholders and to
maximize unitholder value by way of proactive management and the expansion of
This press release may contain forward-looking statements with respect to
Cominar and its operations, strategy, financial performance and financial
condition. These statements generally can be identified by the use of
forward-looking words such as "may", "will", "expect", "estimate",
"anticipate", "intend", "believe" or "continue" or the negative thereof or
similar variations. The actual results and performance of Cominar discussed
herein could differ materially from those expressed or implied by such
statements. Such statements are qualified in their entirety by the inherent
risks and uncertainties surrounding future expectations. Some important
factors that could cause actual results to differ materially from
expectations include, among other things, general economic and market
factors, competition, changes in government regulation and the factors
described under "Risk Factors" in the Annual Information Form of Cominar.
The cautionary statements qualify all forward-looking statements attributable
to Cominar and persons acting on its behalf. Unless otherwise stated, all
forward-looking statements speak only as of the date of this press release.
Mr. Michel Dallaire, P.Eng. President and Chief Executive Officer, Cominar
Real Estate Investment Trust (418) 681-8151
Mr. Michel Berthelot Executive Vice President and Chief Financial Officer,
Cominar Real Estate Investment Trust (418) 681-6300 ext. 2266
SOURCE: COMINAR REAL ESTATE INVESTMENT TRUST
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-0- Feb/08/2013 13:31 GMT
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