"NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES"
STELLARTON, NS, Feb. 28, 2014 /CNW/ – Crombie Real Estate Investment
Trust (TSX: CRR.UN) announced today that it entered into an agreement
with a syndicate of underwriters, co-led by Scotia Capital Inc., CIBC
World Markets Inc. and BMO Nesbitt Burns Inc. and including RBC
Dominion Securities Inc., TD Securities Inc. and National Bank
Financial Inc. to sell, on a bought deal, private placement basis, $100
million aggregate principal amount of 3.962 percent Series B Notes
(senior unsecured) with an approximate seven-year and three-month term
maturing June 1, 2021. The offering is expected to close on or about
March 5, 2014 and is subject to customary closing conditions, including
receipt of necessary consents and approvals and the Series B Notes
receiving a rating of at least BBB(low) with stable trend from DBRS.
The net proceeds of the offering will be used to repay existing debt
and for general corporate purposes.
The Series B Notes will be sold in Canada on a private placement basis
pursuant to certain prospectus exemptions. The offer and sale of Series
B Notes will not be registered under the United States Securities Act
of 1933, as amended (the "Securities Act") or any state securities laws, and the Series B Notes may not be
offered or sold in the United States or to, or for the account or
benefit of, U.S. persons absent registration or an applicable exemption
from the registration requirements of the Securities Act and applicable
state securities laws.
Crombie Real Estate Investment Trust ("Crombie") is an open-ended real
estate investment trust established under, and governed by, the laws of
the Province of Ontario. Crombie currently owns a portfolio of 249
retail and office properties across Canada, comprising approximately
17.6 million square feet with a strategy to own and operate a portfolio
of high quality grocery and drug store anchored shopping centres and
freestanding stores in Canada's top 36 markets. More information about
Crombie can be found at www.crombiereit.com.
This news release may contain forward looking statements that reflect
the current expectations of management of Crombie about Crombie's
future results, performance, achievements, prospects and opportunities.
Wherever possible, words such as "continue", "may", "will", "estimate",
"anticipate", "believe", "expect", "intend" and similar expressions
have been used to identify these forward looking statements. These
statements reflect current beliefs and are based on information
currently available to management of Crombie, and include, without
limitation, statements regarding the expected amount and timing of the
offering which remains subject to the sale by the underwriters and may
be impacted by market conditions. There is no assurance that the
offering will be completed.
Readers are cautioned that such forward-looking statements are subject
to certain risks and uncertainties that could cause actual results to
differ materially from these statements. Crombie can give no assurance
that actual results will be consistent with these forward-looking
statements. A number of factors, including those discussed in the
Management Discussion and Analysis for the year ended December 31, 2013
under "Risk Management", could cause actual results, performance,
achievements, prospects or opportunities to differ materially from the
results discussed or implied in the forward-looking statements. These
factors should be considered carefully and a reader should not place
undue reliance on the forward looking statements. There can be no
assurance that the expectations of management of Crombie will prove to
Additional information relating to Crombie can be found on Crombie's web
site at www.crombiereit.com or on the SEDAR web site for Canadian regulatory filings at www.sedar.com.
SOURCE Crombie REIT