NEW GLASGOW, NS , Oct. 6, 2020 /CNW/ - Crombie Real Estate Investment Trust ("Crombie") (TSX: CRR.UN), announced today that pursuant to the trust indenture governing its 3.962% Series B Senior Unsecured Notes due June 1, 2021 (the "Series B Notes"), it has issued a notice of partial redemption to the registered holders of its Series B Notes for $100 million . The $100 million aggregate principal amount of these Notes will be redeemed on October 21, 2020 (the "Redemption Date") following the closing of the $150 million 2.686% Series H Senior Unsecured Notes and the $150 million 3.211% Series I Senior Unsecured Notes offerings announced yesterday.
The calculation of the partial redemption price of the Series B Notes is set out in the trust indenture, as supplemented, and is to be the greater of the Canada Yield Price and $100 million of the aggregate principal amount of the Series B Notes, together in each case with accrued and unpaid interest to the Redemption Date. The Canada Yield Price for the Series B Notes is $1,020.25 per $1,000 of principal amount. Accrued and unpaid interest to the Redemption Date will be $15.4138082 per $1,000 of principal. In aggregate, on the Redemption Date, the redemption price of the partial Series B Notes will be $102,025,000 plus accrued and unpaid interest of $1,541,380.82 .
This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such an offer, solicitation, or sale would be unlawful. The Toronto Stock Exchange has neither approved nor disapproved the form or content of this press release.
About Crombie REIT
Crombie Real Estate Investment Trust ("Crombie") is an unincorporated, open-ended real estate investment trust established under, and governed by, the laws of the Province of Ontario . Crombie is one of the country's leading national retail property landlords with a strategy to own, operate and develop a portfolio of high-quality grocery- and pharmacy-anchored shopping centres, freestanding stores and mixed-use developments, primarily in Canada's top urban and suburban 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 effective date of the partial redemption of the Series B Notes and the anticipated closing of the Series H Notes and the Series I Notes offerings.
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, 2019 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.
SOURCE Crombie REIT