By Wendy Van Sickle
Columbus, Ohio, April 6 – RioCan Real Estate Investment Trust priced C$250 million of 4.628% seven-year series AF senior debentures at 99.998 on Wednesday, according to a news release.
TD Securities, BMO Capital Markets, CIBC Capital Markets, RBC Capital Markets and Scotia Capital Inc. were the lead managers.
The all-in rate of the debentures will be 3.829% after including the benefit of the issuer’s bond forward hedges.
Proceeds will be used to repay debt, including under RioCan’s corporate line of credit.
Toronto-based RioCan REIT is a real estate investment trust that owns and manages a portfolio of shopping centers and mixed-use properties.
| Issuer: | RioCan Real Estate Investment Trust
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| Amount: | C$250 million
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| Description: | Series AF senior debentures
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| Maturity: | May 1, 2029
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| Bookrunners: | TD Securities, BMO Capital Markets, CIBC Capital Markets, RBC Capital Markets and Scotia Capital Inc.
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| Coupon: | 4.628%
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| Price: | 99.998
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| Pricing date: | April 6
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| Settlement date: | April 18
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| Expected ratings: | S&P: BBB
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| DBRS: BBB
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| Distribution: | Canada
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