/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES/
FREDERICTON, NB, March 28,
2023 /CNW/ - Plaza Retail REIT ("Plaza"
or the "REIT") (TSX: PLZ.UN) announced today that it has
closed its previously announced bought deal public offering (the
"Offering") of 8,548,000 trust units (the "Units") of
Plaza issued from treasury at a price of $4.68 per Unit for gross proceeds to the REIT of
$40,004,640. The underwriting
syndicate for the Offering was co-led by RBC Capital Markets and
CIBC Capital Markets (the "Underwriters").
Plaza has granted the Underwriters an over-allotment option (the
"Over-Allotment Option"), exercisable in whole or in part up
to 30 days after closing, to purchase up to an additional 1,282,200
trust units to cover over-allotments, if any. Any units issued
under the Over-Allotment Option will be issued by Plaza from
treasury.
As previously announced, Plaza intends to use the net
proceeds from the Offering, together with existing liquidity, to
fund the repayment of all of the REIT's Series E 5.10% convertible
subordinated unsecured debentures (the "Series E
Debentures"), which mature on March 31,
2023.
This press release shall not constitute an offer to sell, or the
solicitation of an offer to buy, any securities in any jurisdiction
in which such offer, solicitation or sale would be unlawful. The
securities being offered have not been and will not be 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 pursuant to applicable
exemption from registration.
ABOUT PLAZA
Plaza is an open-ended real estate investment trust and is a
leading retail property owner and developer, focused on
Ontario, Quebec and Atlantic
Canada. Plaza's portfolio at December
31, 2022 includes interests in 251 properties totaling
approximately 8.8 million square feet across Canada, as well as additional lands held for
development. Plaza's portfolio largely consists of open-air centres
and stand-alone small box retail outlets and is predominantly
occupied by national tenants, with a focus on the essential needs,
value and convenience market segments. For more information, please
visit www.plaza.ca.
CAUTIONARY STATEMENTS REGARDING
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements with
respect to the REIT and the Offering. These statements generally
can be identified by the use of forward-looking words such as
"forecast", "may", "will", "would", "expect", "estimate",
"planned", 'anticipate", "intend", "believe" or "continue" or the
negative thereof or similar variations, and include, without
limitation, statements with respect to the intended use of proceeds
of the Offering and the repayment of Series E Debentures.
Forward-looking statements are not future guarantees of future
performance and involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or
achievements of the REIT to be materially different from any future
results, performance or achievements expressed, implied projected
by forward-looking statements contained in this press release.
Factors that could cause actual results to differ materially from
expectations include, among other things, those described in
Plaza's Annual Information Form for the year ended December 31, 2021 and Management's Discussion and
Analysis for the year ended December 31,
2022, as well as the REIT's final short form prospectus
dated March 22, 2023, each of which
can be obtained under the REIT's profile on SEDAR at www.sedar.com.
The cautionary statements qualify all forward-looking statements
attributable to the REIT and persons acting on its behalf.
SOURCE Plaza Retail REIT