Cadillac Fairview announces $75 million rights issue.TORONTO--(BUSINESS WIRE)--Dec. 4, 1996--Cadillac Fairview Co Cadillac Fairview Corporation announced today that on November 27, 1996 it distributed to its shareholders of record as at November 18, 1996 an offering circular Offering Circular An abbreviated prospectus for a new security listing. Delivered to individuals and brokerage houses, these documents are issued to arouse interest in the new issue. Notes: An offering circular allows investors to access information regarding a new issue. for rights to acquire common shares of the Corporation at a price of $16.00 per share. If fully subscribed, the rights offering will result in $75 million of additional equity. The rights offering expires December 20, 1996, with funding to occur early in 1997. The three major shareholders, WHCF WHCF White House Central Files Real Estate Limited Partnership, Ontario Teachers' Pension Plan The Ontario Teachers' Pension Plan (OTPP), commonly referred to as Teachers', is the organization responsible for administering pensions for public school teachers of Ontario. The OTPP also invests the plan's pension fund. Board, and limited partnerships affiliated with Blackstone Real Estate Advisors L.P., have advised the Corporation that they will take up not less than their pro rata shares of the offering. The proceeds will be used to replenish working capital utilized to fund mainly the Eaton's interests acquisition and the Midtown Plaza acquisition which were completed and announced within the last month. "The rights offering will provide the capital the Company requires to continue its acquisition program while maintaining a prudent capital structure. There are additional acquisition opportunities in the Canadian market which would meet the Company's objective of adding value for the shareholders," said Bruce W. Duncan, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . Cadillac Fairview is one of North America's largest real estate companies with a portfolio of commercial and mixed-use properties 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. . It owns interests in and manages in excess of 44 million square feet in 86 properties. These properties include some of Canada's better-known properties, including 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 the Toronto Dominion Centre in Toronto, and Pacific Centre in Vancouver. CONTACT: Cadillac Fairview Corporation J. N. Hagan, 416/ 598-8739 416/ 598-8254 (FAX) |
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