STELLARTON, NS, Sept. 6, 2013 /CNW/ – Crombie Real Estate Investment
Trust ("Crombie") (TSX: CRR.UN) announced today that it is exercising
its right to redeem all of its outstanding Series B Convertible
Unsecured Subordinated Debentures maturing on June 30, 2015 (the
"Series B Debentures") in accordance with the terms of the trust
indenture dated September 30, 2009 governing the Series B Debentures.
The redemption of the Series B Debentures will be effective on October
11, 2013 (the "Redemption Date"). Upon redemption, Crombie will pay to
the holders of Series B Debentures the redemption price (the
"Redemption Price") equal to the outstanding principal amount of the
Series B Debentures to be redeemed, together with all accrued and
unpaid interest thereon up to but excluding the Redemption Date, for a
total of $1,017.64 per $1,000 principal amount of Series B Debentures,
less any taxes required to be deducted or withheld.
The aggregate principal amount of Series B Debentures currently
outstanding is $14,610,000. Crombie intends to draw funds from its
existing revolving line of credit to pay the Redemption Price of the
redeemed Series B Debentures. The Series B Debentures are listed for
trading on the Toronto Stock Exchange under the trading symbol
"CRR.DB.B" and may be converted in accordance with their terms into
Units of Crombie until October 10, 2013.
Crombie Real Estate Investment Trust is an unincorporated, open-ended
real estate investment trust established under, and governed by, the
laws of the Province of Ontario. The trust invests in income-producing
retail, office and mixed-use properties in Canada, with a future growth
strategy focused primarily on the acquisition of retail properties.
Crombie REIT currently owns a portfolio of 176 commercial properties in
nine provinces, comprising approximately 14.5 million square feet of
gross leasable area. More information about Crombie REIT can be found
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. Forward-looking
statements necessarily involve known and unknown risks and
uncertainties. A number of factors, including those discussed in the
annual Management Discussion and Analysis for the year ended December
31, 2012 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 be correct.
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
SOURCE Crombie REIT