SmartCentres calls C$150 million 3.749% debentures due 2021

By Wendy Van Sickle

Columbus, Ohio, May 23 – SmartCentres Real Estate Investment Trust called its C$150 million of 3.749% series L senior unsecured debentures due Feb. 11, 2021 for redemption, according to a news release.

The notes will be redeemed on June 25 at a total redemption price per C$1,000 principal amount of C$1,026.90 plus accrued interest of C$13.763452.

The company said it will use proceeds of a C$170 million bank loan that it has arranged with a major Canadian financial institution to redeem the debentures. The seven-year loan has fixed interest of 3.256%.

SmartCentres is a Toronto-based real estate investment trust specializing in value-oriented retail centers, mostly anchored by Wal-Mart stores, and a joint venture partner with Simon Property Group in Premium Outlets locations in Toronto and Montreal.

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