/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES/
FREDERICTON, Feb. 21, 2018 /CNW/ - Plaza Retail REIT ("Plaza"
or the "REIT") (TSX: PLZ.UN) announced today that it has closed its
previously announced bought deal public offering (the "Offering")
of $47,250,000 aggregate principal
amount of 5.10% convertible unsecured subordinated debentures due
March 31, 2023 (the "Debentures"),
including the exercise of the over-allotment option in full. The
underwriting syndicate for the Offering was led by RBC Capital
Markets. The Debentures are convertible, at the option of the
holder, into trust units of the REIT at $5.65 per trust unit.
As previously announced, Plaza intends to use the net proceeds
from the Offering to redeem its 5.75% convertible unsecured
subordinated debentures (current outstanding balance of
$34.0 million) which mature on
December 31, 2018 and which have a
par call date of December 31,
2017. Plaza intends to use the remainder of the net proceeds
to repay amounts outstanding on the REIT's operating line of
credit, to fund the REIT's future and on-going development and
re-development activities and for general trust purposes.
ABOUT PLAZA RETAIL REIT
Plaza is an open-ended real estate investment trust and is a
leading retail property owner and developer, particularly in
Eastern Canada. Plaza's portfolio
at September 30, 2017 includes
interests in 295 properties totaling approximately 7.7 million
square feet across Canada and
additional lands held for development. Plaza's properties include a
mix of strip plazas, stand-alone small box retail outlets and
enclosed shopping centres, anchored by approximately 90% national
tenants.
Forward-looking Information
This press release contains forward-looking statements, which
can generally be identified by terms such as "intends", "will",
"expects" or other similar expressions or phrases that do not
relate to historical facts. Forward looking statements in this
press release include those which relate to Plaza's intention to
use the net proceeds from the Offering as described.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Plaza to be materially different
from any future results, performance or achievements expressed or
implied by the forward-looking statements contained in this press
release, including but not limited to those described in Plaza's
Annual Information Form for the year ended December 31, 2016 and Management's Discussion and
Analysis for the period ended September 30,
2017, which can both be obtained on SEDAR at www.sedar.com.
Forward-looking statements are based on a number of expectations
and assumptions, including general and economic market factors.
Although the forward-looking statements contained in this press
release are based upon information currently available to
management and what management believes are reasonable expectations
and assumptions, there can be no assurances that forward-looking
statements will prove to be accurate. Therefore, readers should not
place undue reliance on forward-looking statements. All
forward-looking statements speak only as of the date of this press
release and Plaza undertakes no obligation to update such
statements, except as required by law. These cautionary statements
qualify all forward-looking statements contained in this press
release.
Visit our website at: www.plaza.ca.
SOURCE Plaza Retail REIT