Cominar announces bought deal financing for gross proceeds of $100 million
29 September 2011 - 2:02AM
PR Newswire (Canada)
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN
THE U.S. QUEBEC, Sept. 29, 2011 /CNW Telbec/ - Cominar Real
Estate Investment Trust ("Cominar") announced today that it has
entered into an agreement to sell, on a bought deal basis,
4,652,000 Units from treasury to a syndicate of underwriters led by
National Bank Financial Inc. and BMO Capital Markets. The Units
will be offered at a price of $21.50 per Unit, for gross proceeds
to Cominar of $100,018,000. The proceeds from the sale of the Units
will be used to pay down debt outstanding under current credit
facilities, which debt was used to finance Cominar's ongoing
acquisition and development pipeline, and will be used to finance
future acquisitions and developments. Cominar has also granted the
underwriters an over-allotment option to purchase 697,800
additional Units, representing 15% of the size of the offering. The
over-allotment option may be exercised until 30 days following the
closing of the offering. Cominar will, by October 5, 2011, file
with the securities commissions and other similar regulatory
authorities in each of the provinces of Canada a preliminary short
form prospectus relating to the issuance of the Units. Closing of
the offering is expected to take place on or about October 20,
2011. The Units have not been and will not be registered under the
United States Securities Act of 1933 and accordingly will not be
offered, sold or delivered, directly or indirectly within the
United States, its possessions and other areas subject to its
jurisdiction or to, or for the account or for the benefit of a U.S.
person, except pursuant to applicable exemptions from the
registration requirements. PROFILE as at September 29, 2011 Cominar
is the largest commercial property owner in the Province of Québec.
The REIT owns a real estate portfolio of 268 high quality
properties, consisting of 53 office, 55 retail and 160 industrial
and mixed-use buildings that cover a total area of 20.9 million
square feet in the Greater Québec City, Montréal and
Ottawa-Gatineau areas as well as in the Atlantic Provinces.
Cominar's objectives are to deliver growing cash distributions to
its unitholders and to maximize unitholder value through proactive
management and the growth of its portfolio. Forward-Looking
Statements This press release may contain forward-looking
statements with respect to Cominar Real Estate Investment Trust and
its operations, strategy, financial performance and condition.
These statements generally can be identified by use of forward
looking words such as "may", "will", "expect", "estimate",
"anticipate", "intends", "believe" or "continue" or the negative
thereof or similar variations. The actual results and performance
of Cominar Real Estate Investment Trust 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 Real Estate Investment Trust. The
cautionary statements qualify all forward-looking statements
attributable to Cominar Real Estate Investment Trust and persons
acting on its behalf. Unless otherwise stated, all forward-looking
statements speak only as of the date of this press release and
Cominar Real Estate Investment Trust has no obligation to update
such statements. COMINAR REAL ESTATE INVESTMENT TRUST CONTACT: Mr.
Michel Dallaire, P.Eng.President and Chief Executive Officer,
Cominar Real Estate InvestmentTrust(418) 681-8151
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