Granite REIT subsidiary calls all $265 million 6.05% notes due 2016

By Toni Weeks

San Luis Obispo, Calif., July 3 – Granite Real Estate Investment Trust announced that subsidiary Granite REIT Holdings LP will fully redeem its outstanding $265 million of 6.05% debentures due 2016.

The debentures will be redeemed on Aug. 5 at a redemption price equal to the greater of par and the Canada Yield Price calculated under the trust indenture. The redemption price will be determined on July 30. The company will also pay accrued interest to the redemption date.

The redemption will be financed with the proceeds from a $250 million offering of 3.788% series 2 senior debentures due 2021 along with other available funds.

Granite is a Toronto-based real estate investment trust that owns industrial, warehouse and logistics properties in North America and Europe.

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