DBRS Rates Crombie’s $75 Million Reopening of Series B Senior Unsecured Debentures at BBB (low), Stable

DBRS Limited (DBRS) has today assigned a rating of BBB (low) with a Stable trend to Crombie Real Estate Investment Trust’s (Crombie or the Trust) $75 million re-opening of the 3.962% Series B Senior Unsecured Debentures, due June 1, 2021 (the Series B Notes Re-opening). DBRS notes that the Series B Notes Re-opening does not change the previously assigned rating. The original issuance of $100 million, which closed on March 5, 2014, was rated BBB (low) with a Stable trend by DBRS.

An aggregate of $175 million of Series B Notes will be outstanding after giving effect to this offering. The Series B Notes Re-opening will be unconditionally guaranteed by select subsidiaries of Crombie and rank equally and rateably in right of payment with all other unsecured and unsubordinated indebtedness of the Trust. DBRS understands that the net proceeds from this issuance will be used to repay short-term indebtedness and for general trust purposes.

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

The applicable methodologies are Rating Entities in the Real Estate Industry (February 2017), DBRS Criteria: Preferred Share and Hybrid Security Criteria for Corporate Issuers (December 2016) and DBRS Criteria: Guarantees and Other Forms of Support (February 2017), which can be found on our website under Methodologies.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.