On May 2, 2013, Cominar Real Estate Investment Trust completed the bought deal financing of its 4.00% Series 3 senior unsecured debentures due November 2, 2020 in the principal amount of $100 million. Cominar intends to use the net proceeds of the offering to repay amounts outstanding under its credit facility and for general trust purposes, thus replacing shorter-term debt with longer-term debt at a favorable long-term interest rate without increasing its aggregate indebtedness.
The debentures were sold to a syndicate of underwriters led by National Bank Financial Inc. and BMO Nesbitt Burns Inc., including RBC Dominion Securities Inc., Desjardins Securities Inc., CIBC World Markets Inc., Scotia Capital Inc. and TD Securities Inc.
The syndicate of underwriters was represented by a team from Lavery consisting of Marc Rochefort, Michel Servant, Guillaume Lavoie and Geneviève Fournier (corporate and securities), and Philip Nolan (tax).
Cominar is the third largest diversified real estate investment trust in Canada and the largest commercial property owner in the Province of Québec.