- RioCan Real Estate Investment Trust (REI.UN) has closed its $200 million offering of Series AG senior unsecured debentures
- The debentures carry a coupon of 5.611 per cent per annum and mature on October 6, 2027
- The company will use the net proceeds of this offering to repay existing indebtedness and for general business purposes
- RioCan is one of Canada’s largest real estate investment trusts
- RioCan Real Estate Investment Trust opened trading at $21.91 per share
RioCan Real Estate Investment Trust (REI.UN) has closed its $200 million offering of Series AG senior unsecured debentures.
The debentures carry a coupon of 5.611 per cent per annum and mature on October 6, 2027. Inclusive of the benefit of bond forward hedges, the Trust’s all-in rate is 5.184 per cent per annum.
The company intends to use the net proceeds of this offering to repay existing indebtedness and for general business purposes.
The debentures were sold on a private placement basis in certain provinces of Canada. The offering was made on an agency basis by a syndicate of agents co-led by TD Securities, RBC Capital Markets, Scotia Capital Inc., BMO Capital Markets and CIBC Capital Markets.
The debentures are rated BBB with a stable trend by DBRS Limited and BBB with a stable outlook to the entity rating given to RioCan by Standard & Poor’s Rating Services.
The debentures have been issued pursuant to RioCan’s trust indenture dated March 8, 2005, as supplemented. The debentures rank equally with all other senior unsecured indebtedness of the Trust.
RioCan is one of Canada’s largest real estate investment trusts, which owns, manages and develops retail-focused, increasingly mixed-use properties located in prime, high-density transit-oriented areas where Canadians want to shop, live and work.
RioCan Real Estate Investment Trust (REI.UN) opened trading at $21.91 per share.