MONTRÉAL, Oct. 1, 2024
/CNW/ - BTB Real Estate Investment Trust (TSX: BTB.UN)
("BTB" or the "REIT") advises the holders of Series G
6.00% convertible unsecured subordinated debentures (the
"Debentures") that it will repay its Debentures in cash upon
maturity, being October 31, 2024 (the
"Maturity Date").
The REIT shall deposit with Computershare Trust of Canada (the "Trustee") an amount
sufficient to repay the principal amount of the Debentures,
together with accrued interest thereon up to but excluding the
Maturity Date. Payment of the Debentures will be processed by the
Trustee.
"In an effort to reduce the interest costs on our indebtedness,
we choose to optimize our mortgage debt at the property-level to
generate sufficient proceeds to repay entirely the Debentures and
accrued interest thereon at their maturity", says Michel Léonard,
President and Chief Executive Officer. "This strategy is
leverage-neutral and enables us to achieve a weighted-average
interest cost significantly below the cost we would have incurred
by issuing a new convertible debenture."
For further details, please refer to the Maturity Notice
included in the appendix.
About BTB
BTB is a real estate investment trust listed on the Toronto
Stock Exchange. BTB REIT invests in industrial, suburban office and
necessity-based retail properties across Canada for the benefit of their investors. As
of today, BTB owns and manages 75 properties, representing a
total leasable area of approximately 6.1 million square
feet.
People and their stories are at the heart of our
success.
BTB offers a distribution reinvestment plan to unitholders
whereby the participants may elect to have their monthly cash
distribution reinvested in additional units of BTB at a price based
on the weighted average price for BTB's Units on the Toronto Stock
Exchange for the five trading days immediately preceding the
distribution date, discounted by 3%.
For more detailed information, visit BTB's website at
www.btbreit.com.
Appendix
Maturity Notice
BTB REAL ESTATE INVESTMENT TRUST/
FONDS DE PLACEMENT IMMOBILIER BTB
SERIES G 6.00% CONVERTIBLE UNSECURED SUBORDINATED DEBENTURES DUE
OCTOBER 31, 2024
MATURITY NOTICE
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To:
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Holders of Series G
6.00% Convertible Unsecured Subordinated Debentures due October 31,
2024 (the "Debentures") of BTB Real Estate
Investment Trust/Fonds de placement immobilier BTB (the
"REIT")
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Note:
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All capitalized terms
used herein have the meaning ascribed thereto in the Trust
Indenture mentioned below, unless otherwise indicated.
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Notice is hereby given pursuant to the sixth supplemental
indenture dated October 7, 2019
between the REIT and Computershare Trust Company of Canada (the "Trustee"), (the "Sixth
Supplemental Indenture"), (together with the Original Indenture
dated October 3, 2006 between the REIT and the Trustee and the
first supplemental indenture dated March 20, 2008, the second
supplemental indenture dated January 11, 2011, the third
supplemental indenture dated July 13,
2011, the fourth supplemental indenture dated February 20, 2013 and the fifth supplemental
indenture dated December 4, 2015, the "Trust
Indenture"), that the Debentures are due and payable as of
October 31, 2024 (the "Maturity Date") and the REIT
hereby advises the holders of Debentures that it will repay in
cash the Debentures on the Maturity Date. The REIT shall deposit
with the Trustee a sum of money sufficient to pay the principal
amount of the Debentures, together with accrued interest thereon up
to but excluding the Maturity Date.
DATED: September 26, 2024
Jocelyn Proteau, Michel Léonard,
Jean-Pierre Janson, Lucie Ducharme, Sylvie
Lachance, Luc Martin,
Christine Marchildon, Armand Des
Rosiers and Sylvain Fortier, each in
his capacity as a trustee of and on behalf of BTB REAL ESTATE
INVESTMENT TRUST/FONDS DE PLACEMENT IMMOBILIER BTB
By: (signed)
Michel Léonard
President and Chief Executive Officer
By: (signed)
Marc-André Lefebvre
Vice President and Chief Financial
Officer
SOURCE BTB Real Estate Investment Trust