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H&R REIT to issue additional C$100M senior unsecured debentures

H&R Real Estate Investment Trust agreed to issue an additional C$100 million principal amount of series N senior unsecured debentures.

The notes carry a coupon rate of 3.369% and were sold at a price of C$100.532 per C$100.00 principal amount plus accrued interest and will deliver an effective yield of 3.279% if held until maturity, which is set for Jan. 30, 2024. The offering follows the issuance of C$200 million of series N debentures in January.

The company intends to use the net proceeds to repay outstanding debts and for general trust purposes.

TD Securities, BMO Capital Markets, CIBC Capital Markets and Scotiabank are serving as book runners for the offering.

The offering is expected to close on or about April 13.