RioCan REIT greenshoe lifts preferred trust units to C$149.5 million

By Marisa Wong

Madison, Wis., Nov. 30 - RioCan Real Estate Investment Trust announced that the underwriters of its recent offering of series C cumulative rate reset preferred trust units exercised the over-allotment option in full, increasing the total size of the offering to C$149.5 million. RioCan issued 780,000 additional units at C$25 per unit for added proceeds of C$19.5 million.

The total number of units issued is now 5.98 million. RioCan previously issued 5.2 million units at C$25 each for proceeds of C$130 million.

RBC Capital Markets, CIBC and TD Securities Inc. co-led the underwriting syndicate for the offering.

As previously reported, proceeds will be used to redeem RioCan's C$120 million of outstanding 5.7% series K senior debentures due Sept. 11, 2012, to repay other debt, to acquire property, to fund development and for general trust purposes.

RioCan is a Toronto-based real estate investment trust that owns and manages Canada's largest portfolio of shopping centers.

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