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SmartCentres to redeem series L debentures

SmartCentres REIT intends to fully redeem its 3.749% series L senior unsecured debentures due Feb. 11, 2021.

The debentures will be redeemed June 25 at C$1,026.90 plus accrued and unpaid interest of C$13.763452 per C$1,000 principal amount.

The shopping center real estate investment trust also secured a C$170 million unsecured loan to help fund the redemption of the debentures, of which about C$150 million was outstanding at the close of business May 22.

The seven-year loan carries a fixed rate of 3.256%.