SmartCentres Real Estate Investment Trust Closes $650 Million Series X and Series Y Senior Unsecured Debenture Issues

NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES

TORONTO, Dec. 16, 2020 (GLOBE NEWSWIRE) -- SmartCentres Real Estate Investment Trust (“SmartCentres” or the “Trust”) (TSX:SRU.UN) announced today that it has closed its previously announced private placement of $350 million aggregate principal amount of Series X senior unsecured debentures and $300 million aggregate principal amount of Series Y senior unsecured debentures. The Series X debentures carry a coupon of 1.740% and will mature on December 16, 2025 and the Series Y debentures carry a coupon of 2.307% and will mature on December 18, 2028. The debentures were offered by a syndicate of agents with Scotia Capital as the lead left bookrunner, RBC Capital Markets, BMO Capital Markets, CIBC Capital Markets, National Bank Financial and TD Securities as joint bookrunners and co-leads, and Desjardins Securities, Canaccord Genuity, Casgrain, HSBC Securities (Canada), Industrial Alliance Securities and Stifel Nicolaus Canada as co-managers. DBRS Limited has provided SmartCentres with a credit rating of BBB (high) with a stable trend relating to the debentures.

The net proceeds to SmartCentres from the sale of the Series X debentures and Series Y debentures, together with cash on hand, will be used to refinance existing debt, including the repayment of its $350 million Series T senior unsecured debentures due 2021, the redemption of its $150 million Series M senior unsecured debentures due 2022, and the redemption of its $150 million Series Q senior unsecured debentures due 2022.

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities in any jurisdiction. The debentures offered have not been and will not be registered under the U.S. Securities Act of 1933 and state securities laws. Accordingly, the debentures may not be offered or sold to U.S. persons except pursuant to applicable exemptions from registration requirements.

About SmartCentres

SmartCentres Real Estate Investment Trust is one of Canada’s largest fully integrated REITs, with a best-in-class portfolio featuring 166 strategically located properties in communities across the country. SmartCentres has approximately $10.4 billion in assets and owns 33.8 million square feet of income producing value-oriented retail space with 97.4% occupancy, on 3,500 acres of owned land across Canada.