Cadillac Fairview Corporation Announces Public Offering of C$100 Million Convertible Unsecured Subordinated Debentures.TORONTO--(BUSINESS WIRE)--Aug. 25, 1998--(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CDF (1) (Central Distribution Frame) A connecting unit (typically a hub) that acts as a central distribution point to all the nodes in a zone or domain. See MDF. ) (NYSE NYSE See: New York Stock Exchange :CDF) Cadillac Fairview Corporation announced today that it has agreed to sell on a bought deal basis to an underwriting syndicate Underwriting syndicate A group of investment banks that work together to sell new security offerings to investors. The underwriting syndicate is led by the lead underwriter. See also: Lead underwriter. underwriting syndicate See syndicate. , C$100 million principal amount of 10 year 5.70 percent convertible unsecured subordinated debentures of Cadillac Fairview. The debentures will be convertible into common shares of Cadillac Fairview at any time prior to redemption or maturity at a conversion price of C$39.00 per common share, being a rate of 25.64 common shares per C$1,000 principal amount of debentures. Completion of the offering is subject to the receipt of all regulatory approvals and closing is expected to occur in September. These convertible debentures and the common shares into which they are convertible have not been and will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold within the United States or to, or for the account or benefit of, any U.S. person absent registration or an applicableexemption from registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in the United States. The net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from this offering will be used to repay short term borrowings and to further fund Cadillac Fairview's growth, including acquisitions of additional property interests, and for general corporate purposes. Cadillac Fairview is one of the largest owners, managers and developers of commercial real estate in North America, focusing on high quality retail centres in Canada and the United States The United States and Canada share a unique legal relationship. U.S. law looks northward with a mixture of optimism and cooperation, viewing Canada as an integral part of U.S. economic and environmental policy. , and office properties in major Canadian cities. It owns interests in or manages 105 properties amounting to over 50 million square feet, including some of Canada's landmark properties such as the Toronto Eaton Centre The Toronto Eaton Centre is a large shopping mall and office complex in downtown Toronto, Ontario Canada, named after the now-defunct Eaton's department store chain. In terms of the number of visitors, the shopping mall is Toronto's top tourist attraction. and Toronto-Dominion Centre in Toronto, Pacific Centre in Vancouver and Montreal Eaton Centre in Montreal.
CONTACT: Cadillac Fairview Corporation
Jon N. Hagan, 416/598-8739
416/598-8254 (FAX)
E-Mail: haganj@cadillacfairview.com
http://www.cadillacfairview.com
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