Cominar announces bought deal financing for gross proceeds of $125 Million
December 04 2011 - 1:04AM
PR Newswire (Canada)
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION
IN THE U.S./ MONTREAL, Dec. 5, 2011 /CNW Telbec/ - Cominar Real
Estate Investment Trust ("Cominar") announced today that it has
entered into an agreement to sell, on a bought deal basis,
5,734,000 Units from treasury to a syndicate of underwriters led by
National Bank Financial Inc. and BMO Capital Markets. The Units
will be offered at a price of $21.80 per Unit, for gross proceeds
to Cominar of $125,001,200. The net proceeds of the sale of the
Units will be used to pay down debt outstanding under current
credit facilities, to finance Cominar's ongoing acquisition and
development pipeline, including the proposed acquisition of Canmarc
Real Estate Investment Trust and for general and corporate
purposes. Cominar has also granted the underwriters an
over-allotment option to purchase 860,100 additional Units,
representing 15% of the size of the offering. The over-allotment
option may be exercised until 30 days following the closing of the
offering. Cominar will, by December 8, 2011, file with the
securities commissions and other similar regulatory authorities in
each of the provinces of Canada a preliminary short form prospectus
relating to the issuance of the Units. Closing of the offering is
expected to take place on or about December 22, 2011. The Units
have not been and will not be registered under the United States
Securities Act of 1933 and accordingly will not be offered, sold or
delivered, directly or indirectly within the United States, its
possessions and other areas subject to its jurisdiction or to, or
for the account or for the benefit of a U.S. person, except
pursuant to applicable exemptions from the registration
requirements. PROFILE as at December 5, 2011 Cominar is the largest
commercial property owner in the Province of Québec. Cominar owns a
real estate portfolio of 269 high-quality properties, consisting of
53 office, 55 retail and 161 industrial and mixed-use buildings
that cover a total area of 21.0 million square feet in the Greater
Québec City, Montréal and Ottawa-Gatineau areas, as well as in the
Atlantic Provinces. Cominar's objectives are to deliver growing
cash distributions payable monthly to its unitholders and to
maximize unitholder value by way of integrated management and the
expansion of its portfolio. Forward-Looking Statements This press
release may contain forward-looking statements with respect to
Cominar and its operations, strategy, financial performance
and financial condition. These statements generally can be
identified by the use of forward-looking words such as "may",
"will", "expect", "estimate", "anticipate", "intend", "believe" or
"continue" or the negative thereof or similar variations. The
actual results and performance of Cominar discussed herein could
differ materially from those expressed or implied by such
statements. Such statements are qualified in their entirety by the
inherent risks and uncertainties surrounding future expectations.
Some important factors that could cause actual results to differ
materially from expectations include, among other things, general
economic and market factors, increased indebtedness associated to
the proposed acquisition of Canmarc Real Estate Investment Trust,
competition, changes in government regulation and the factors
described under "Risk Factors" in the Annual Information Form of
Cominar. The cautionary statements qualify all forward-looking
statements attributable to Cominar and persons acting on its
behalf. Unless otherwise stated, all forward-looking statements
speak only as of the date of this press release. COMINAR REAL
ESTATE INVESTMENT TRUST CONTACT: Mr. Michel Dallaire,
P.Eng.President and Chief Executive Officer, Cominar Real Estate
InvestmentTrust(418) 681-8151Mr. Michel BerthelotVice President and
Chief Financial Officer, Cominar Real EstateInvestment Trust(418)
681-6300 ext. 2266
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