DBRS Rates Cominar’s $200 Million Senior Unsecured Debentures at BBB (low), Stable

DBRS has today assigned a rating of BBB (low), with a Stable trend, to the $200 million 4.23% Series 2 senior unsecured debentures due December 4, 2019 (the Bonds), issued by Cominar Real Estate Investment Trust (Cominar).

The Bonds are direct senior unsecured obligations of Cominar and rank equally and ratably with all other unsecured and unsubordinated indebtedness of Cominar. Cominar intends to use the proceeds from the Bonds to repay amounts outstanding under the Acquisition Bridge Facility and if any left thereafter, under the Credit Facility. The outstanding amount on the Acquisition Bridge Facility and the Credit Facility were used by Cominar to finance the GE Acquisition, to acquire real estate properties and to finance real estate developments of the Trust.

Notes:
All figures are in Canadian dollars unless otherwise noted.

The applicable methodology is Rating Real Estate Entities (April 2011), which can be found on our website under Methodologies.