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ORONTO, Jan. 16, 2025 (GLOBE NEWSWIRE) -- SmartCentres Real Estate Investment Trust (“SmartCentres” or the “Trust”) (TSX:SRU.UN) has priced a $300 million offering of 4.737% Series AB senior unsecured debentures on an agency basis. The Series AB debentures will mature on August 5, 2031 and are being offered by a syndicate of agents with Scotiabank, CIBC Capital Markets, Desjardins Securities, RBC Capital Markets and TD Securities as joint bookrunners.
The offering is expected to close on or about February 5, 2025. Morningstar DBRS has provided SmartCentres with a provisional credit rating of BBB with a stable trend relating to the debentures. The net proceeds will be used to refinance existing debt, including the repayment of its $160 million Series N senior unsecured debentures due February 6, 2025.
SmartCentres intends to use the remaining funds for general corporate purposes and to repay its revolving credit line. This offering is being made by way of a private placement to certain accredited investors in each of the provinces and territories of Canada. The debentures have not been registered under the U.S. Securities Act of 1933 and state securities laws, and may not be offered or sold to U.S. persons except pursuant to applicable exemptions.
SmartCentres is one of Canada’s largest fully integrated REITs, with a best-in-class mixed-use portfolio featuring 195 strategically located properties in communities across the country. The Trust has approximately $11.9 billion in assets and owns 35.3 million square feet of income producing value-oriented retail and first-class office properties.
Certain statements in this Press Release are “forward-looking statements” that reflect management's expectations regarding the Trust's future growth, results of operations, performance and business prospects and opportunities. These forward-looking statements involve significant risks and uncertainties, including potential acquisitions not being completed or not being completed on the contemplated terms, public health crises, real property ownership and development, debt and equity financing for development, interest and financing costs, construction and development risks, and the ability to obtain commercial and municipal consents for development.
