By Cristal Cody
Tupelo, Miss., April 11 - RioCan Real Estate Investment Trust said it sold an upsized C$200 million of 3.725% 10-year senior debentures at par on Thursday.
The series T debentures (expected BBB-/DBRS: BBB) priced at a spread of 193 basis points over the Canada bond curve.
The deal was upsized from C$175 million.
"We had demand through C$300 million, so we upsized to C$200 million but didn't want to go higher than that," Rags Davloor, chief financial officer, said in an interview. "We heard there were over 30 names in the book."
RBC Capital Markets, TD Securities Inc. and BMO Capital Markets Corp. were the lead managers.
The Toronto-based real estate investment trust will use the proceeds to redeem C$150 million of its 5.65% series M senior debentures due March 31, 2015 and for general trust purposes.
RioCan REIT was last in the market with a bond deal on Feb. 25 when it sold C$250 million of 2.87% five-year senior debentures at 100.264 to yield 2.813%, or a spread of 140 bps over the Government of Canada benchmark.
| Issuer: | RioCan Real Estate Investment Trust
|
| Amount: | C$200 million, increased from C$175 million
|
| Maturity: | April 18, 2023
|
| Securities: | Senior debentures
|
| Bookrunners: | RBC Capital Markets, TD Securities Inc., BMO Capital Markets Corp.
|
| Coupon: | 3.725%
|
| Price: | Par
|
| Yield: | 3.725%
|
| Spread: | 193 bps over Canada bond curve
|
| Pricing date: | April 11
|
| Settlement date: | April 18
|
| Ratings: | Standard & Poor's: BBB- expected
|
| DBRS: BBB expected
|
| Distribution: | Canada
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
