"NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES"
STELLARTON, NS, March 5, 2014 /CNW/ – Crombie Real Estate Investment
Trust (TSX: CRR.UN) announced today that it has closed its previously
announced $100 million principal amount Series B Notes (senior
unsecured) (the "Notes") offering. The Notes carry a coupon rate of
3.962 percent and priced at a premium with an effective yield of 3.90
percent and mature on June 1, 2021 for an approximate term of seven
years and three months. The private placement offering was underwritten
by a syndicate of dealers co-led by Scotia Capital Inc., CIBC World
Markets Inc. and BMO Nesbitt Burns Inc. and included RBC Dominion
Securities Inc., TD Securities Inc. and National Bank Financial Inc.
DBRS has assigned a credit rating of BBB(low) with stable trend to the
Series B Notes. The net proceeds of the Series B Notes will be used to
repay existing debt and for general corporate purposes.
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.
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