SmartCentres closes $500-million debenture financing

Mr. Mitchell Goldhar reports SMARTCENTRES CLOSES $500 MILLION SERIES AC AND SERIES AD SENIOR UNSECURED DEBENTURE ISSUES SmartCentres Real Estate Investment Trust has closed its previously announced private placement of $250-million aggregate principal amount of 3.599 per cent Series AC senior unsecured debentures and $250-million aggregate principal amount of 4.318 per cent Series AD senior unsecured debentures. The Series AC debentures will mature on June 12, 2029, and the Series AD debentures will mature on June 12, 2032. The debentures were offered on an agency basis by a syndicate of agents led by Bank of Nova Scotia, CIBC Capital Markets, Desjardins Securities, RBC Capital Markets and TD Securities as joint bookrunners, and National Bank Financial, Mizuho Securities, BMO Capital Markets and Beacon Securities as co-managers. Morningstar DBRS has provided SmartCentres with a credit rating of BBB with a stable trend relating to the debentures. The net proceeds to SmartCentres from the sale of the Series AC debentures and Series AD debentures will be used to refinance existing debt, including the repayment of its $350-million of Series X senior unsecured debentures due Dec. 16, 2025, and the repayment of its revolving credit line and certain mortgages, and for general corporate purposes. About SmartCentres Real Estate Investment Trust SmartCentres is one of Canada's largest fully integrated REITs, with a best-in-class and growing mixed-use portfolio featuring 197 strategically located properties in communities across the country. SmartCentres has approximately $12.0-billion in assets, consisting of income-producing value-oriented retail, purpose-built rental, first-class office and self-storage properties. SmartCentres owns 35.6 million square feet of leasable space with 98.6 per cent in-place and committed occupancy, on 3,500 acres of owned land across Canada. We seek Safe Harbor.