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TORONTO, January 12, 2022 /CNW/ – CT Real Estate Investment Trust (“CT REIT”) (TSX: CRT.UN) announced today that it has agreed to issue, on a private placement basis in each of the provinces of Canada (the “Debenture Offering“), $250 million aggregate principal amount of series H senior unsecured debentures with a seven-year term and a coupon of 3.029% per annum (the “Series H Debentures“). CT REIT intends to use the net proceeds of the Debenture Offering to redeem all of its outstanding 2.852% Series A Senior Unsecured Debentures due June 9, 2022 (the “Series A Debentures“), to pay down certain amounts outstanding under its credit facilities, and to retain the balance of the proceeds for general business purposes.
Offering of Series H Debentures
The Debenture Offering will be on an agency basis led by RBC Capital Markets, BMO Nesbitt Burns and CIBC World Markets. Subject to customary closing conditions, the Debenture Offering is expected to close on or about February 3, 2022.
It is expected that the Series H Debentures will be rated “BBB” by S&P Global Ratings and “BBB” with a “stable” trend by DBRS Limited. The Series H Debentures will be direct senior unsecured obligations of CT REIT.
The Series H Debentures offered have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an…