DBRS Finalizes Provisional Ratings of AA on OT CFPT’s Senior Notes

DBRS Limited (DBRS) has today finalized its provisional ratings of AA with a Stable trend on the $500 million 3.125% Senior Notes due 2022 and the $500 million 3.875% Senior Notes due 2027 (the Notes) issued by Ontario Teachers’ Cadillac Fairview Properties Trust (OT CFPT or the Trust).

The Notes are senior unsecured obligations of OT CFPT and rank equally in right of payment with all other senior unsecured indebtedness of the Trust. The Notes are senior in right of payment to any of OT CFPT’s existing or future indebtedness that is expressly subordinated to the Notes and are effectively subordinated to all existing and future indebtedness that is secured, to the extent of the value of the assets securing such indebtedness, and are structurally subordinated to all existing and future indebtedness and other liabilities and any preferred equity of CFCL, Ontrea Inc. and CFPT Finance Corp.

The net proceeds from the sale of the Notes will be used to repay debt that OT CFPT owes to Cadillac Fairview Finance Trust and 2544470 Ontario Inc. pursuant to the Intercompany Trust Notes.

Notes:
All figures are in U.S. dollars unless otherwise noted.

The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link to the right under Related Research or by contacting us at info@dbrs.com.

The principal methodologies are Rating Entities in the Real Estate Industry (February 2017) and DBRS Criteria: Guarantees and Other Forms of Support (February 2017), which can be found on dbrs.com under Methodologies.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.