By Cristal Cody
Tupelo, Miss., Jan. 31 – RioCan Real Estate Investment Trust closed Wednesday on a C$300 million issuance of 3.209% long five-year senior debentures at 99.995 and a yield of 3.209%, according to a company news release and a final term sheet.
The series AA debentures (/BBB//DBRS: BBB (high)) are due Sept. 29, 2023.
RBC Capital Markets, LLC, 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.
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
|
| Description: | Senior debentures
|
| Maturity: | Sept. 29, 2023
|
| Bookrunners: | RBC Capital Markets, LLC, TD Securities Inc. and BMO Capital Markets Corp.
|
| Co-managers: | CIBC World Markets Inc., Scotia Capital Inc. and National Bank Financial Inc.
|
| Coupon: | 3.209%
|
| Price: | 99.995
|
| Yield: | 3.209%
|
| Call features: | Make-whole call before Aug. 29, 2023 at Government of Canada yield plus 26 bps; thereafter at par
|
| Change-of-control put: | 101%
|
| Pricing date: | Jan. 29
|
| Settlement date: | Jan. 31
|
| Ratings: | S&P: BBB
|
| DBRS: BBB (high)
|
| Distribution: | Canada
|
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