/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR
DISSEMINATION IN THE U.S./
QUÉBEC CITY, June 7,
2013 /CNW Telbec/ - Cominar Real Estate Investment Trust
("Cominar") (TSX: CUF.UN) has exercised today its right to
redeem its Series C 5.80% convertible unsecured subordinated
debentures maturing on September 30,
2014 (the "Series C Debentures") in accordance
with the terms of the trust indenture dated September 14, 2004 governing the Series C
Debentures, as supplemented by a supplemental indenture dated as of
the 10th day of October, 2007. The redemption of the
Series C Debentures will be effective on July 8, 2013 (the "Redemption Date"). Upon
redemption, Cominar will pay to the holders of Series C
Debentures a redemption price (the "Redemption Price") equal
to the outstanding principal amount of the Series C Debentures
to be redeemed, together with all accrued and unpaid interest
thereon up to but excluding the Redemption Date, for a total of
$1,015.57 per $1,000 principal amount of Series C
Debentures, less any taxes required to be withheld or deducted. The
aggregate principal amount of Series C Debentures currently
outstanding is $110 million. Cominar
intends to draw funds to pay the Redemption Price from its credit
facility.
The Series C Debentures are listed for
trading on the Toronto Stock Exchange (the "TSX") under
the trading symbol "CUF.DB.C" and may be converted in accordance
with their terms into units of Cominar (the "Units") until
September 30, 2014. The Series C
Debentures are convertible at a conversion price of $25.25 for each Unit, so that approximately
39.604 Units will be issued for each $1,000 principal amount of Series C
Debentures converted.
As it is currently contemplated that all
Series C 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 June 7,
2013
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 498
high-quality properties, consisting of 121 office, 156 retail and
221 industrial and mixed-use buildings that cover a total area of
36.8 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.
SOURCE Cominar Real Estate Investment Trust