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SmartCentres Real Estate Investment Trust Announces $450 Million Series U Senior Unsecured Debenture Issue

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NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES
TORONTO, Dec. 18, 2019 (GLOBE NEWSWIRE) — SmartCentres Real Estate Investment Trust (“SmartCentres”) (TSX:SRU.UN) announced today that it has agreed to issue $450 million aggregate principal amount of Series U senior unsecured debentures on an agency basis.  The Series U debentures will carry a coupon of 3.526% and will mature on December 20, 2029.  The debentures are being offered by a syndicate of agents with Scotia Capital as the lead left bookrunner, RBC Capital Markets, BMO Capital Markets, CIBC Capital Markets, National Bank Financial and TD Securities as joint bookrunners and co-leads, and Desjardins Securities, HSBC Securities (Canada), Canaccord Genuity, Raymond James, Casgrain, iA Securities, and Stifel Nicolaus Canada as co-managers. The offering is expected to close on or about December 20, 2019.  DBRS Limited has provided SmartCentres with a provisional credit rating of BBB (high) with a stable trend relating to the debentures.The net proceeds to SmartCentres from the sale of the Series U debentures will be used to (i) repay outstanding bank debt, (ii) repay property-level secured debt, (iii) fund a potential property acquisition to facilitate mixed use development (approximately $109 million), and (iv) for general trust purposes. This offering is being made by way of a private placement to certain accredited investors in each of the provinces of Canada.This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities in any jurisdiction.  The debentures being offered have not been and will not be registered under the U.S. Securities Act of 1933 and state securities laws. Accordingly, the debentures may not be offered or sold to U.S. persons except pursuant to applicable exemptions from registration requirements.About SmartCentres

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