trending Market Intelligence /marketintelligence/en/news-insights/trending/g8mF3OvjU_bm_uzGSt63Fw2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us
In This List

SmartCentres launches C$200M bought deal offering

Gauging Supply Chain Risk In Volatile Times

The Commercial Real Estate (CRE) Sector Feels the Impact of the Coronavirus

Credit Analytics Case Study Poundworld Retail Ltd

Segment

IFRS 9 Impairment How It Impacts Your Corporation And How We Can Help


SmartCentres launches C$200M bought deal offering

SmartCentres REIT signed an agreement to sell 6.4 million variable voting units on a bought deal basis at C$31.25 apiece for gross proceeds of about C$200 million.

The units will be sold to a syndicate of underwriters co-led by CIBC Capital Markets, BMO Capital Markets, RBC Capital Markets, Scotiabank and TD Securities, with CIBC Capital Markets acting as sole book runner.

The shopping center real estate investment trust granted the underwriting syndicate a 30-day overallotment option to acquire up to another 960,000 units at the offer price, which, if exercised in full, would boost the gross size of the offering to approximately C$230 million.

Net proceeds generated will be used to partially repay amounts drawn under SmartCentres' credit facilities, which will then be available to be redrawn by the REIT to partly finance its development programs in connection with the Vaughan Metropolitan Centre in Ontario, seniors housing, self-storage, multifamily residential, retail and other initiatives.

Any remaining proceeds will be used for future acquisitions, developments, capital expenditures and for general trust purposes. The offering is set to close on or about Jan. 23.