DBRS Assigns Rating of BB (high) with a Stable Trend to Cominar Real Estate Investment Trust’s $200 Million 4.5% Senior Unsecured Debentures Due May 15, 2024

DBRS Limited (DBRS) assigned a rating of BB (high) with a Stable trend to Cominar Real Estate Investment Trust’s (Cominar or the Trust) CAD $200 million 4.5% Senior Unsecured Debentures due May 15, 2024 (the Debentures). The rating being assigned is based upon the rating on already-outstanding series of the above-mentioned debt instrument. DBRS notes that the Eleventh Supplemental Indenture is substantially the same as previous supplemental indentures, save for the absence of an unencumbered assets covenant.

The Debentures are direct senior unsecured obligations of Cominar and rank equally and rateably with one another and with all other unsecured and unsubordinated indebtedness of the Trust. DBRS understands that the net proceeds from the offering will be used to pay down debt outstanding under the unsecured revolving credit facility and for the repayment of the $300 million aggregate principal amount of Series 7 Senior Unsecured Debentures due June 21, 2019.

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

The principal methodologies are Rating Entities in the Real Estate Industry (April 2019), DBRS Criteria: Preferred Share and Hybrid Security Criteria for Corporate Issuers (November 2018) and DBRS Criteria: Rating Corporate Holding Companies and Their Subsidiaries (November 2018), which can be found on dbrs.com under Methodologies & Criteria.

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

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