NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR
DISSEMINATION IN THE U.S.
QUÉBEC CITY, March 7,
2014 /CNW Telbec/ - Cominar Real Estate Investment Trust
("Cominar") (TSX: CUF.UN) announces today that it has closed
the previously announced re-opening of its offering of 4.941%
Series 4 senior unsecured debentures due July 27, 2020 in the principal amount of
$100 million (the
"Debentures"). The Debentures were offered at a price of
$1,028.41 per $1,000 principal amount of Debentures, plus
accrued and unpaid interest for the period from and including
January 27, 2014 to, but excluding,
the date of the closing of the offering. The effective yield of the
Debentures (if held to maturity) is 4.425% per annum.
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 that also
includes RBC Dominion Securities Inc., Desjardins Securities Inc.,
CIBC World Markets Inc., Scotia Capital Inc. and TD Securities Inc.
for total net proceeds to Cominar of approximately $102.2 million after deducting the agents' fee
and the expenses of the offering. Cominar intends to entirely use
the net proceeds of the offering to repay amounts outstanding under
its credit facility.
The Debentures 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 March 7,
2014
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 513
properties in three different market segments, that is, office
properties, retail properties and industrial and mixed-use
properties. Cominar's portfolio totals 38.4 million square feet
spread out across Québec, Ontario,
the Atlantic Provinces and Western
Canada. Cominar's objectives are to pay growing cash
distributions to unitholders and to maximize unitholder value
through 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