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Crombie REIT to offer C$150M series G unsecured notes

Canada-based Crombie Real Estate Investment Trust agreed to issue C$150 million aggregate principal amount of series G senior unsecured notes maturing June 21, 2027, priced at par with an interest rate of 3.917% per annum.

The offering is set to close on or around Dec. 20, subject to customary closing conditions and approvals and the notes receiving a rating of at least BBB(low) with a stable trend from DBRS.

A syndicate of TD Securities Inc., Scotia Capital Inc., National Bank Financial Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., Desjardins Securities Inc. and RBC Dominion Securities Inc. are selling the notes.

Funds raised from the notes will go toward repaying about C$153 million of secured mortgages maturing Feb. 1, 2020, bearing a weighted average interest rate of 5.63% and will be used to temporarily reduce bank indebtedness in the interim.