Cadillac Fairview and Cambridge Refinance Cataraqui Town Centre at 6.62 percent.TORONTO--(BUSINESS WIRE)--June 4, 1998--Cadillac Fairview Corporation (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) and Cambridge Shopping Centres Limited (TSE:CBG CBG corticosteroid-binding globulin. ) (ME:CBG) announced today that they have issued $55 million 6.62 percent first mortgage bonds due 2013 secured by Cataraqui Town Centre Cataraqui Town Centre, (known informally as "Cat Centre") is a shopping mall located in Kingston, Ontario, Canada. It is the largest mall in southeastern Ontario with over 141 stores. Its anchor stores are The Bay, Zellers and Sears. . The proceeds will be used to repay existing financing of $25 million on the shopping centre which had an effective a rate of almost 17 percent and to fund a renovation and expansion project now underway. In connection with the refinancing Cadillac Fairview The Cadillac Fairview Corporation is a development corporation which is a wholly owned subsidiary of the Ontario Teachers' Pension Plan. Cadillac Fairview owns, develops and manages property, malls and large office and retail spaces, mostly in Canada and the United States. will incur a charge for early extinguishment of long term debt of $4.3 million. Cataraqui Town Centre is a 413,000 square foot regional shopping centre in Kingston, Ontario Kingston, Ontario, is a Canadian city located at the eastern end of Lake Ontario, where the lake runs into the St. Lawrence River and the Thousand Islands begin. Kingston is the county seat of Frontenac County. . Construction has commenced to add a Sears department store as a third anchor and approximately 51,000 square feet of retail space for 30 new stores. The expansion is estimated to cost Cadillac Fairview and Cambridge $34 million and is expected to be completed by August 1999. "This refinancing will provide access to additional low cost capital to finance our expansion and eliminates another expensive piece of financing", said Jon Hagan, Executive Vice President and Chief Financial Officer. "As one of our corporate strategies to achieve growth in cash flow per share, we will continue to look at refinancing other high cost debt where it makes sense to do so." 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 U.S., and office properties in major Canadian cities. It owns interests in or manages 98 properties amounting to over 49 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. Cambridge is a leading owner and manager of 93 revenue-producing properties comprising 35 million square feet including 42 regional shopping centres.
CONTACT: Cadillac Fairview Corporation
Jon N. Hagan, 416/598-8739
416/598-8254 (FAX)
E-Mail: haganj@cadillacfairview.com
http://www.cadillacfairview.com
or
Cambridge Shopping Centres Limited
Arthur Evans, 416/369-1234
416/369-1328 (FAX)
E-Mail: aevans@cambridgemalls.com
http://www.cambridgemalls.com
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