By Cristal Cody
Prospect News, March 25 – RioCan Real Estate Investment Trust priced a C$125 million reopening of its 3.85% senior debentures due June 28, 2019 at 107.27 to yield 2.05% on Wednesday, according to the company and a market source.
The series Q debentures priced with a spread of 150.3 basis points over the Government of Canada benchmark.
RBC Capital Markets Corp., TD Securities Inc. and BMO Capital Markets Corp. were the lead managers.
Proceeds will be used to fund development, for property acquisitions, to repay debt and for general trust purposes.
RioCan REIT originally sold the issue on June 21, 2012 in a C$150 million offering at 100.335 to yield 3.795%. The company reopened the issue to price C$25 million of the debentures on July 12, 2012 at 101.467 to yield 3.609.
The total outstanding is C$300 million.
Toronto-based RioCan REIT is Canada’s largest real estate investment trust.
| Issuer: | RioCan Real Estate Investment Trust
|
| Amount: | C$125 million reopening
|
| Maturity: | June 28, 2019
|
| Securities: | Senior debentures
|
| Bookrunners: | RBC Capital Markets Corp., TD Securities Inc. and BMO Capital Markets Corp.
|
| Coupon: | 3.85%
|
| Price: | 107.27
|
| Yield: | 2.05%
|
| Spread: | 150.3 bps over Government of Canada benchmark
|
| Pricing date: | March 25
|
| Settlement date: | April 2
|
| Ratings: | Standard & Poor’s: BBB-
|
| DBRS: BBB
|
| Distribution: | Canada
|
| Total outstanding: | C$300 million
|
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