Chicago, June 21 – RioCan Real Estate Investment Trust agreed to issue C$300 million of 5.962% series AH debentures due 2029 on an agency basis, according to a press release.
The price is 99.966.
Inclusive of the benefit of bond forward hedges, the trust’s all-in rate is 5.284%.
The syndicate of agents is co-led by TD Securities, BMO Capital Markets, CIBC Capital Markets, RBC Capital Markets and Scotia Capital.
Proceeds will be used to repay amounts owing under certain credit facilities, with the balance, if any, for general business purposes.
Ratings need to be BBB (stable)/DBRS: BBB (stable) as a condition of issuance.
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
|
| Amount: | C$300 million
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| Issue: | Series AH debentures
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| Maturity: | Oct. 1, 2029
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| Bookrunners: | TD Securities, BMO Capital Markets, CIBC Capital Markets, RBC Capital Markets and Scotia Capital
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| Coupon: | 5.962%
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| Price: | 99.966
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| Announcement date: | June 21
|
| Settlement date: | June 26
|
| Ratings: | S&P: BBB
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| DBRS: BBB
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| Distribution: | Canada
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