/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES/
MONTREAL, Dec. 9, 2024 /CNW/ – Cominar Real Estate Investment Trust (“Cominar” or the “REIT“) announced today that it has issued a notice of redemption to the holders of its 5.95% Series 12 Debentures due May 5, 2025 (the “Debentures“). As set out in the notice of redemption, Cominar intends to redeem the full outstanding principal amount of the Debentures, issued pursuant to the trust indenture dated as at June 15, 2012 between the REIT and Computershare Trust Company of Canada (the “Indenture Trustee“) (the “Base Indenture“) as supplemented by a twelfth supplemental indenture dated as at May 4, 2020 (together with the Base Indenture, the “Trust Indenture“), on December 19, 2024 (the “Redemption Date“).
Pursuant to the terms of the Trust Indenture, the Debentures will be redeemed at a redemption price of $1,003.71 per $1,000 aggregate principal amount of Debentures (the “Redemption Price“). The Redemption Price represents the greater of (i) the Canada Yield Price (as such term is defined in the Trust Indenture) and (i) par, in respect of the Debentures, together with, in each case, accrued and unpaid interest to the Redemption Date.
The redemption of the Debentures is conditional upon the successful completion by the REIT of its previously announced proposed offering of $150 million principal amount of 7.80% Series 13 senior unsecured debentures (the “Series 13 Offering“).
Payment of the Redemption Price will be made against surrender of the Debentures to the Indenture Trustee, 650 boulevard de Maisonneuve West, 7th Floor, Montréal, Québec H3A 3T2. Cominar intends to use the proceeds from the Series 13 Offering together with available liquidities to pay the Redemption Price.
The Debentures shall not be considered to be outstanding and interest will cease to accrue on the Debentures on the Redemption Date and the REIT will be released from all of its obligations under the Debentures upon deposit of the full Redemption Price with the Indenture Trustee.
ABOUT COMINAR
Founded in 1965, Cominar is one of the most important real estate owners and managers in Quebec. Driven by our values and expertise, our mission is to create modern, distinctive living environments across our portfolio of office, retail and mixed-use properties. With assets that have high densification potential and are strategically located near major transit routes, our ambition is to build forward-looking communities that will reshape the urban landscape and positively impact the development of the communities in which we operate. Our proximity-driven philosophy guides our daily actions and allows us to make our properties enticing and inviting destinations. www.cominar.com.
FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking statements with respect to Cominar and its operations, strategy, financial performance and financial position. 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 and the use of conditional and future tenses. 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, the successful completion of the Redemption, the timing of the Redemption, the successful completion of the Series 13 Offering, general economic and market factors, competition, changes in government regulation and the factors described under “Risk Factors” in Cominar’s Annual Information Form. 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 does not assume any obligation to update the aforementioned forward-looking statements, except as required by applicable laws.
SOURCE Cominar Real Estate Investment Trust
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