Cominar REIT Completes $100M Debt Offering

Cominar REIT closed the re-opening of its public offering of 4.941 per cent Series 4 senior unsecured debentures due July 27, 2020, in the principal amount of $100 million. The debentures were offered at a price of $1,010.77 per $1,000 principal amount of debentures.

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 including RBC Dominion Securities Inc., Desjardins Securities Inc., CIBC World Markets Inc., Scotia Capital Inc., TD Securities Inc. and Macquarie Capital Markets Canada Ltd., for total net proceeds to Cominar of approximately $100.5 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.

Cominar was represented by Davies Ward Phillips & Vineberg LLP with a team of Sébastien Roy and Elise Beauregard (corporate finance/securities) and Fred Purkey (tax). The agents were represented by Lavery, de Billy, L.L.P. with a team of Marc Rochefort, Michel Servant, Guillaume Lavoie and Maxime Bergeron (corporate Finance/securities) and Philip Nolan (tax).