NEW
GLASGOW, NS, Oct. 8, 2024
/CNW/ - Crombie Real Estate Investment Trust ("Crombie" or the
"REIT") (TSX: CRR.UN), announced today that it entered into an
agreement to issue $300 million
aggregate principal amount of Series M Senior Unsecured Notes
maturing January 15, 2032 (the
"Series M Notes"). The Series M Notes will bear interest at a rate
of 4.732% per annum and were offered at a price of $999.79 per $1,000.00 principal amount.
The Series M Notes are being offered with a syndicate of agents,
co-led by Scotia Capital Inc. and CIBC World Markets Inc., and
including Desjardins Securities Inc., National Bank Financial Inc.,
TD Securities Inc., BMO Nesbitt Burns Inc., and RBC Dominion
Securities Inc., to sell, on a best effort, private placement
basis.
Net proceeds from the Series M Notes offering will be used to
repay, redeem, or refinance existing indebtedness, including
maturing mortgage financings, indebtedness under existing bank
credit facilities, and outstanding debt securities, as well as
general trust purposes.
The offering is expected to close on or about October 11, 2024 and is subject to customary
closing conditions, including receipt of necessary consents and
approvals and the Series M Notes receiving a rating of at least
BBB(low) with a positive trend from Morningstar DBRS.
The Series M Notes will be sold in Canada on a private placement basis pursuant
to certain prospectus exemptions. The offer and sale of the Series
M Notes will not be registered under the United States Securities
Act of 1933, as amended (the "Securities Act") or any state
securities laws, and the Notes may not be offered or sold in
the United States or to, or for
the account or benefit of, U.S. persons absent registration or an
applicable exemption from the registration requirements of the
Securities Act and applicable state securities laws.
This news release does not constitute an offer to sell, or a
solicitation of an offer to buy, any security and shall not
constitute an offer, solicitation or sale in any jurisdiction in
which such an offer, solicitation, or sale would be unlawful. The
Toronto Stock Exchange has neither approved nor disapproved the
form or content of this press release.
About Crombie REIT
Crombie invests in real estate with a vision of enriching
communities together by building spaces and value today that leave
a positive impact on tomorrow. As one of the country's leading
owners, operators, and developers of quality real estate assets,
Crombie's portfolio primarily includes grocery-anchored retail,
retail-related industrial, and mixed-use residential properties. As
at June 30, 2024, our portfolio
contains 304 properties comprising approximately 19.3 million
square feet, inclusive of joint ventures at Crombie's share, and a
significant pipeline of future development projects. Learn more at
www.crombie.ca.
Cautionary Statements
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, and include, without limitation, statements
regarding the expected amount and timing of the offering which
remains subject to the sale by the agents and may be impacted by
market conditions. There is no assurance that the offering
will be completed.
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 2023 annual Management's Discussion and Analysis
under "Risk Management" and in the Annual Information Form for
the year ended December 31, 2023
under "Risks", 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
