/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE
SERVICES OR DISSEMINATION IN THE UNITED
STATES./
TORONTO, Nov. 14,
2023 /CNW/ - CT Real Estate Investment Trust
("CT REIT") (TSX: CRT.UN) announced today that it has agreed to
issue, on a private placement basis in each of the provinces of
Canada (the
"Debenture Offering"),
$250 million aggregate principal amount of series I senior
unsecured debentures with a 4.6-year term and a coupon
of 5.828% per annum (the "Series I
Debentures"). CT REIT intends to use the net proceeds of
the Debenture Offering for the repayment of short term
indebtedness, and to retain the balance of the proceeds for general
business purposes.
The Debenture Offering will be on an agency basis led by
RBC Capital Markets, TD Securities Inc. and CIBC Capital Markets.
Subject to customary closing conditions, the Debenture Offering is
expected to close on or about November 17,
2023.
It is expected that the Series I Debentures will be rated
"BBB" by S&P Global Ratings and "BBB" with a stable trend by
DBRS Morningstar. The Series I Debentures will be direct senior
unsecured obligations of CT REIT.
The Series I Debentures offered have not been registered
under the United States
Securities Act of 1933, as amended, and may not
be offered or sold in the United
States absent registration or an applicable exemption from
the registration requirements. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy
nor shall there be any sale of the Series I Debentures in any
jurisdiction in which such offer, solicitation or sale would be
unlawful.
About CT Real Estate
Investment Trust
CT REIT is an unincorporated, closed-end real estate
investment trust formed to own income-producing commercial
properties located primarily in Canada. Its portfolio is comprised of over 370
properties totalling more than 30 million square feet of GLA,
consisting primarily of net lease single-tenant retail properties
located across Canada. Canadian
Tire Corporation, Limited is CT REIT's most significant tenant. For
more information, visit
www.ctreit.com.
Forward–Looking
Statements
This press release contains forward-looking information
within the meaning of applicable securities legislation, which
reflects CT REIT's current expectations regarding future events,
including but not limited to the credit ratings expected to be
given to the Series I Debentures, the use of proceeds of the
Debenture Offering and the date the Debenture Offering is expected
to close. Forward-looking information is based on a number of
assumptions and is subject to a number of risks and uncertainties,
many of which are beyond CT REIT's control, that could cause actual
results and events to differ materially from those that are
disclosed in or implied by such forward-looking information. Such
risks and uncertainties include, but are not limited to, the
factors discussed under Section 4 "Risk Factors" in CT REIT's
Annual Information Form for fiscal 2022 and Section 12.0
"Enterprise Risk Management" and 14.0 "Forward- looking
Information" in CT REIT's Management's Discussion and Analysis for
fiscal 2022, both of which are available on CT REIT's website
at www.ctreit.com and on SEDAR at
www.sedar.com. CT REIT does not undertake any
obligation to update such forward-looking information, whether as a
result of new information, future events or otherwise, except as
expressly required by applicable law.
SOURCE CT Real Estate Investment Trust (CT REIT)