Mr. Larry Froom reports
H&R REIT ANNOUNCES $250 MILLION, FIVE-YEAR UNSECURED TERM LOAN
H & R Real Estate Investment Trust has entered into a $250-million, committed five-year senior unsecured, non-revolving term loan with a Canadian chartered bank. Unless otherwise extended, the term loan will mature in March, 2024.
H & R has, through an interest rate swap, fixed the term loan's interest payments at an all-in rate of 3.33 per cent for the full five-year term. After the proceeds from the term loan have been used to repay existing bank indebtedness, H & R will have approximately $800-million of unused capacity under revolving credit facilities available with its existing lenders. H & R intends to use part of its available capacity under its credit facilities for general corporate purposes and to finance property development.
About H & R Real Estate Investment Trust
H & R is one of Canada's largest fully internalized real estate investment trusts with total assets of approximately $14.7-billion at Dec. 31, 2018. H & R has ownership interests in a North American portfolio of high-quality office, retail, industrial and residential properties comprising over 42 million square feet.
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