Cadillac Fairview and Markborough Properties refinance Fairview Mall.TORONTO--(BUSINESS WIRE)--Nov. 21, 1996--THE CADILLAC FAIRVIE MARKBOROUGH PROPERTI (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). , ME:MPI MPI - Message Passing Interface .) The co-owners of Fairview Mall
An extension and/or increase in amount of existing debt. of Fairview Mall through the sale of $75 million 7.05 percent Series C First Mortgage Bonds to close on or about January 15, 1997, and which are to mature January 15, 2007. TD Securities Inc. and CIBC Wood Gundy CIBC Wood Gundy was created in 1988 with the purchase of Wood Gundy Inc. by CIBC. CIBC Wood Gundy is a division of CIBC World Markets. Canadian Imperial Bank of Commerce Chief Executive Officer: Gerald T. McCaughey | FY 2006 Statistics: Net income: $2. Securities Inc. will purchase the Bonds for resale to investors. The Bonds, which are secured against the property, will refinance the existing $75 million on 10.45 percent Series A Bonds on their maturity on January 15, 1997. This transaction will result in an annual interest saving of over $2.5 million to the co-owners. "We are delighted with the strong demand for these bonds, which shows that investors are recognizing the benefits of holding mortgage security on high quality regional centres such as Fairview Mall", said Jon Hagan, Chief Financial Officer of Cadillac Fairview on behalf of the co-owners. Concurrent with the Series C Bond issue, Cadillac Fairview and Markborough Properties are also offering the existing holders of the $100 million 10.75 percent Series B First Mortgage Bonds due May 18, 1998 the opportunity to exchange their Series B bonds for an equivalent amount of a new $100 million Series D First Mortgage Bonds due January 15, 2007. The Series D Bonds will be issued if more than 50 percent of existing holders exercise this option. TD Securities Inc. and CIBC Wood Gundy Securities Inc. are acting as agents in connection with this offering. Fairview Mall is a two-level super regional shopping centre in northeast Toronto near Highway 401 and the Don Valley Parkway The Don Valley Parkway (generally referred to as the "DVP") is a controlled-access six-lane freeway in Toronto, Ontario, Canada, so named because it runs through the scenic Don River Valley. . After a significant renovation and expansion in 1988, it now offers approximately 871,000 square feet of leasable retail space and 10,000 square feet of office space. It is anchored by The Bay, Sears and Loblaws, and has over 250 retail tenants and a six theatre Cineplex. CONTACT: Cadillac Fairview Corp., Toronto Jon Hagan, 416/598-8739 416/598-8254 (FAX) or Markborough Properties Inc., Toronto Simon Nyilassy, 416/591-2841 416/591-2313 (FAX) |
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