Cominar Real Estate Investment Trust Closes $350 Million Unsecured Revolving Credit Facility QUÉBEC CITY, Aug. 6, 2014 /CNW Telbec/ - Cominar Real Estate Investment Trust ("Cominar") (TSX: CUF.UN) announced today that it has closed a $350 million three-year senior unsecured credit facility with National Bank of Canada serving as lead arranger and administrative agent, and a syndicate of lenders comprised of National Bank of Canada, Bank of Montreal, Caisse Centrale Desjardins, Bank of Nova Scotia, Royal Bank of Canada, TD Bank, ATB Financial and Canadian Western Bank. Borrowings under this new facility may be increased up to $550 million, subject to lenders' consent. This new facility replaces Cominar's prior $300 million secured credit facility and provides borrowing availability based, among other things, on Cominar maintaining unencumbered aggregate assets in an amount of not less than 130% of the aggregate principal amount of its senior unsecured indebtedness outstanding. Cominar's unencumbered aggregate assets currently stand at $2.3 billion representing 160% of aggregate principal amount of senior unsecured indebtedness outstanding. Borrowings under the new facility are priced off a ratings grid and Cominar will benefit from a reduction of 30 basis points compared to its prior secured credit facility. Borrowings under the new facility rank pari passu with Cominar's senior unsecured debentures. "We are pleased to complete this $350 million senior unsecured credit facility; it is an important part of our overall financing strategy emphasizing financial flexibility and increasing use of unsecured debt. We will also be introducing a similar covenant of aggregate unencumbered assets to aggregate senior unsecured debt of 130% for the benefit of all holders of Cominar's existing and future senior unsecured debentures," stated Michel Dallaire, President and CEO of Cominar. PROFILE as at August 6, 2014 Cominar is the third largest diversified real estate investment trust in Canada and currently remains the largest commercial property owner in the Province of Québec. The REIT owns a real estate portfolio of 526 properties in three different market segments, that is, office properties, retail properties and industrial and mixed-use properties. Cominar's portfolio totals 39.5 million square feet spread out across Québec, Ontario, the Atlantic Provinces and Western Canada. Cominar's objectives are to pay growing cash distributions to unitholders and to maximize unitholder value through proactive management and the expansion of its portfolio. Cominar offers unitholders the opportunity to participate in its Unitholder Distribution Reinvestment Plan, which allows them to receive their monthly cash distributions as additional Cominar units. Participants will be entitled to receive an additional distribution equal to 5% of the distributions reinvested, which will be reinvested in additional units. For more information and to obtain a participation form, please visit Cominar's website at www.cominar.com. Forward-Looking Statements 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. SOURCE COMINAR REAL ESTATE INVESTMENT TRUST Michel Dallaire, Eng., President and CEO, Sylvain Cossette, Executive Vice-President and COO, Gilles Hamel, CPA, CA, Executive Vice-President and CFO, Tel: (418) 681-8151, firstname.lastname@example.org, email@example.com, firstname.lastname@example.org To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/August2014/06/c2635.html CO: COMINAR REAL ESTATE INVESTMENT TRUST ST: Quebec NI: REL FIN
Cominar Real Estate Investment Trust Closes $350 Million Unsecured Revolving Credit Facility
Press spacebar to pause and continue. Press esc to stop.