Toronto, November 22, 2011 – H&R Real Estate Investment Trust (the “REIT”) and H&R Finance Trust (collectively with the REIT, “H&R”) (TSX: HR.UN; HR.DB; HR.DB.B; HR.DB.C; HR.DB.D; HR.DB.E) announced today that they have closed the previously announced offering of 8,500,000 H&R stapled units (the “Stapled Units”) at a price of $22.00 per Stapled Unit and $75 million principal amount of 4.50% Series E convertible unsecured subordinated debentures of the REIT due December 31, 2016 (the “Debentures”), for total aggregate gross proceeds of $262 million.
H&R had previously agreed to sell the Stapled Units and Debentures to a syndicate of underwriters co-led by CIBC and RBC Capital Markets, on a bought deal basis. The net proceeds from the offering will be utilized by H&R to repay bank indebtedness, fund future property acquisitions and for general trust purposes, including, in the case of H&R Finance Trust, for the subscription of additional notes to be issued by H&R REIT (U.S.) Holdings Inc.
Via http://www.hr-reit.com/finance/stock-quote/news-set.asp?pdf=158
