By Cristal Cody
Tupelo, Miss., Feb. 3 – RioCan Real Estate Investment Trust priced an upsized C$300 million of 3.287% senior debentures due Feb. 12, 2024 at 100.015 to yield 3.285% on Tuesday, according to the company and a market source.
The series W debentures (/BBB-/DBRS: BBB) priced with a spread of 222 basis points over the Government of Canada benchmark.
The deal was upsized from C$225 million.
RBC Dominion Securities, Inc., TD Securities Inc. and BMO Capital Markets Corp. were the lead managers.
RioCan REIT plans to use the proceeds to repay debt, including the redemption of C$225 million of 4.499% series O senior debentures due Jan. 21, 2016.
The Toronto-based real estate investment trust owns and manages retail properties.
| Issuer: | RioCan Real Estate Investment Trust
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| Amount: | C$300 million
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| Maturity: | Feb. 12, 2024
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| Securities: | Senior debentures
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| Bookrunners: | RBC Dominion Securities, Inc., TD Securities Inc. and BMO Capital Markets Corp.
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| Co-managers: | CIBC World Markets Inc., Scotia Capital Inc., National Bank Financial Inc., HSBC Capital (Canada) Inc. and Raymond James Ltd.
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| Coupon: | 3.287%
|
| Price: | 100.015
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| Yield: | 3.285%
|
| Spread: | 222 bps over Government of Canada benchmark
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| Pricing date: | Feb. 3
|
| Settlement date: | Feb. 12
|
| Ratings: Standard & Poor’s: BBB-
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| DBRS: BBB
|
| Distribution: | Canada
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