On May 15, 2019, Cominar Real Estate Investment Trust (“Cominar”), one of the largest diversified real estate investment trusts in Canada and the largest commercial property owner in the Province of Québec with a real estate portfolio of 346 high-quality, office, retail and industrial properties, completed the offering of its Series 11 senior unsecured debentures due May 15, 2024 in the principal amount of $200 million.
The net proceeds of the offering were used to pay down debt outstanding under Cominar’s unsecured revolving credit facility and for the repayment of the $300-million aggregate principal amount of Series 7 debentures due June 21, 2019.
The offering was completed by way of private placement in Canada pursuant to an agency agreement with a syndicate of agents co-led by BMO Capital Markets and National Bank Financial Markets, and which included RBC Dominion Securities, CIBC World Markets, TD Securities, Desjardins Securities and Scotia Capital.
Cominar was represented by Davies Ward Phillips & Vineberg LLP, with a team comprised of Sébastien Roy and Florence Bienvenu (Corporate Finance and Securities) and John Lennard (Tax).
The agents were represented by Lavery de Billy, L.L.P., with a team comprised of Michel Servant, Marc Rochefort and Mylène Vallières (Corporate Finance and Securities) and Philip Nolan (Tax).
From Stikeman Elliott LLP