Cominar announces redemption of Series B Debentures
17 August 2012 - 11:28PM
PR Newswire (Canada)
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION
IN THE U.S./ QUÉBEC CITY, Aug. 20, 2012 /CNW Telbec/ - Cominar Real
Estate Investment Trust ("Cominar") has exercised today its right
to redeem its Series B 5.70% convertible unsecured subordinated
debentures maturing on June 30, 2014 (the "Series B Debentures") in
accordance with the terms of the trust indenture dated September
14, 2004 governing the Series B Debentures, as supplemented by a
supplemental indenture dated as of the 8th day of May, 2007. The
redemption of the Series B Debentures will be effective on
September 19, 2012 (the "Redemption Date"). Upon redemption,
Cominar will pay to the holders of Series B Debentures a redemption
price (the "Redemption Price") equal to the outstanding principal
amount of the Series B Debentures to be redeemed, together with all
accrued and unpaid interest thereon up to but excluding the
Redemption Date, for a total of $1,012.65 per $1,000 principal
amount of Series B Debentures, less any taxes required to be
withheld or deducted. The aggregate principal amount of Series B
Debentures currently outstanding is $80,500,000. Cominar intends to
draw funds to pay the Redemption Price from its credit facility.
The Series B Debentures are listed for trading on the Toronto Stock
Exchange (the "TSX") under the trading symbol "CUF.DB.B" and may be
converted in accordance with their terms into units of Cominar (the
"Units") until September 18, 2012. The Series B Debentures are
convertible at a conversion price of $27.50 for each Unit, so that
approximately 36.36 Units will be issued for each $1,000 principal
amount of Series B Debentures converted. As it is currently
contemplated that all Series B Debentures will be redeemed, Cominar
intends to have same be delisted from the TSX at the close of
business on the Redemption Date. Profile as at August 20, 2012
Cominar is the third largest diversified real estate investment
trust in Canada and currently remains the largest commercial
property owner in the Province of Québec. Cominar owns a real
estate portfolio of 415 high-quality properties, consisting of 82
office, 158 retail and 175 industrial and mixed-use buildings that
cover a total area of 30.7 million square feet in Québec, Ontario,
the Atlantic Provinces and Western Canada. Cominar's objectives are
to pay growing cash distributions to unitholders and to maximise
unitholder value by way of proactive management and the expansion
of its portfolio. Forward-Looking Statements This press release may
contain forward-looking statements with respect to Cominar
and its operations, strategy, financial performance and
financial condition. These statements generally can be identified
by the use of forward-looking words such as "may", "will",
"expect", "estimate", "anticipate", "intend", "believe" or
"continue" or the negative thereof or similar variations. The
actual results and performance of Cominar discussed herein
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. The cautionary statements qualify all forward-looking
statements attributable to Cominar and persons acting on its
behalf. Unless otherwise stated, all forward-looking
statements speak only as of the date of this press release. COMINAR
REAL ESTATE INVESTMENT TRUST CONTACT: Mr. Michel Dallaire,
P.Eng.President and Chief Executive Officer, Cominar Real Estate
InvestmentTrust(418) 681-8151Mr. Michel BerthelotExecutive Vice
President and Chief Financial Officer, Cominar RealEstate
Investment Trust(418) 681-6300 ext. 2266
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