By Angela McDaniels
Tacoma, Wash., Jan. 11 – RioCan Real Estate Investment Trust agreed to issue C$300 million of 5.47% series AJ debentures due 2030 on an agency basis, according to a press release.
The price is C$99.996 per C$100 principal amount.
Inclusive of the benefit of bond forward hedges, the trust’s all-in interest rate is 5.452% per year.
The syndicate of agents is co-led by TD Securities, BMO Capital Markets, Desjardins Securities Inc., CIBC Capital Markets, RBC Capital Markets and Scotia Capital Inc.
Proceeds will be used to repay debt at maturity.
Closing is conditioned on the debentures receiving a rating of at least BBB with a stable trend from DBRS Morningstar and at least BBB from S&P Global Ratings.
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$300 million
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| Issue: | Series AJ senior debentures
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| Maturity: | March 1, 2030
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| Bookrunners: | TD Securities, BMO Capital Markets, Desjardins Securities Inc., CIBC Capital Markets, RBC Capital Markets and Scotia Capital Inc.
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| Coupon: | 5.47%
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| Price: | 99.996
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| Announcement date: | Jan. 11
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| Settlement date: | Feb. 12
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| Distribution: | Canada
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