Cominar announces bought deal financing for gross proceeds of $125 million
February 09 2012 - 4:50PM
PR Newswire (Canada)
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION
IN THE U.S./ QUÉBEC CITY, Feb. 9, 2012 /CNW Telbec/ - Cominar Real
Estate Investment Trust ("Cominar") announced today that it has
entered into an agreement to sell, on a bought deal basis,
5,695,000 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 $21.95 per Unit, for gross proceeds
to Cominar of $125,005,250. 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 and for general and corporate purposes.
Cominar has also granted the underwriters an over-allotment option
to purchase 854 250 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
February 14, 2012, 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 February 28, 2012. 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. COMINAR PROFILE as
at February 9, 2012 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. Cominar is the owner of approximately 95% of the
outstanding trust units of Canmarc Real Estate Investment Trust.
CANMARC PROFILE Canmarc (www.canmarc.ca) is an unincorporated
open-ended real estate investment trust established pursuant to a
declaration of trust under the laws of the Province of Québec.
Managed internally, Canmarc owns a portfolio of Canadian
income-producing commercial properties, consisting of retail and
office properties with certain industrial properties. In total,
Canmarc properties comprise approximately 8.8 million square feet
of commercial gross leasable area (approximately 9.4 million square
feet including acquisitions which have been announced but have not
yet closed) and 464 multi-family residential units located in
Québec, Atlantic Canada, Western Canada and Ontario.
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, impact of the acquisition of Canmarc Real Estate
Investment Trust including the increased indebtedness associated
with this acquisition, 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 BerthelotExecutive
Vice President and Chief Financial Officer, Cominar RealEstate
Investment Trust(418) 681-6300 ext. 2266
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