STELLARTON, NS,
April 18, 2012 /PRNewswire/ - Crombie
Real Estate Investment Trust ("Crombie") (TSX: CRR.UN) announced
today that it has exercised its right to redeem its 7% Extendible
Convertible Unsecured Subordinated Debentures maturing on
March 20, 2013 (the "Debentures") in
accordance with the terms of the trust indenture dated March 20, 2008 governing the Debentures.
The redemption of the Debentures will be effective on May 23, 2012 (the "Redemption Date"). Upon
redemption, Crombie will pay to the holders of Debentures the
redemption price (the "Redemption Price") equal to the outstanding
principal amount of the Debentures to be redeemed, together with
all accrued and unpaid interest thereon up to but excluding the
Redemption Date, for a total of $1,027.62 per $1,000 principal amount of Debentures, less any
taxes required to be deducted or withheld.
The aggregate principal amount of Debentures
currently outstanding is $29,535,000.
Crombie intends to draw funds from its existing revolving line of
credit to pay the Redemption Price of the redeemed
Debentures. The Debentures are listed for trading on the
Toronto Stock Exchange under the trading symbol "CRR.DB" and may be
converted in accordance with their terms into Units of Crombie
until May 22, 2012.
About Crombie
Crombie is an open-ended real estate investment
trust established under, and governed by, the laws of the Province
of Ontario. The trust
invests in income-producing retail, office and mixed-use properties
in Canada, with a future growth
strategy focused primarily on the acquisition of retail properties.
Crombie currently owns a portfolio of 161 investment properties in
nine provinces, comprising approximately 13.5 million square feet
of rentable space. More information about Crombie can be found at
www.crombiereit.com.
This news release may contain forward looking
statements that reflect the current expectations of management of
Crombie about Crombie's future results, performance, achievements,
prospects and opportunities. Wherever possible, words such as
"continue", "may", "will", "estimate", "anticipate", "believe",
"expect", "intend" and similar expressions have been used to
identify these forward looking statements. These statements reflect
current beliefs and are based on information currently available to
management of Crombie. Forward looking statements necessarily
involve known and unknown risks and uncertainties. A number
of factors, including those discussed in the 2011 annual Management
Discussion and Analysis under "Risk Management", could cause actual
results, performance, achievements, prospects or opportunities to
differ materially from the results discussed or implied in the
forward-looking statements. These factors should be considered
carefully and a reader should not place undue reliance on the
forward looking statements. There can be no assurance that the
expectations of management of Crombie will prove to be
correct.
Readers are cautioned that such
forward-looking statements are subject to certain risks and
uncertainties that could cause actual results to differ materially
from these statements. Crombie can give no assurance that actual
results will be consistent with these forward-looking
statements.
Additional information relating to Crombie can be found on
Crombie's web site at www.crombiereit.com or on the SEDAR web site
for Canadian regulatory filings at www.sedar.com.
SOURCE CROMBIE REIT