DBRS Assigns BBB (high) Rating to the $150 million Reopening of H&R REIT’s Series N Senior Unsecured Debentures

DBRS Limited (DBRS) has today assigned a final rating of BBB (high) with a Stable trend to H&R Real Estate Investment Trust’s (H&R or the Trust) reopening of the 3.369% Series N Senior Unsecured Debentures (the Series N Bonds – Reopening).

H&R has issued an additional $150 million of 3.369% Series N Bonds, which is a reopening of the original Series N issuance of $200 million which closed on January 30, 2017 (the Series N Bonds – Original). The Series N Bonds – Original was rated BBB (high) with a Stable trend by DBRS. DBRS notes the Series N Bonds – Reopening does not change the rating assigned to the original Series N issuance of $200 million.

After giving effect to this reopening, $350 million of Series N Bonds will be outstanding.

The Series N Bonds – Reopening are direct senior unsecured obligations of H&R, and rank equally and rateably with all other present and future unsecured and unsubordinated indebtedness of the Trust.

DBRS understands that the net proceeds from the offering will be used to repay outstanding 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) and Preferred Share and Hybrid Criteria for Corporate Issuers (December 2016).