RioCan REIT completes inaugural green bond offering
On March 10, 2020, RioCan Real Estate Investment Trust ("RioCan") closed its previously announced offering of C$350 million principal amount of Series AC senior unsecured debentures. The debentures are RioCan's inaugural green bond issuance and the first green bond issued by a REIT in Canada.
Issued at par, the debentures carry an annual coupon rate of 2.361% with a seven-year term, maturing on March 10, 2027. The debentures were sold on a private placement basis in certain provinces of Canada. The offering was made on an agency basis by a syndicate of agents co-led by TD Securities, RBC Capital Markets, BMO Capital Markets and CIBC Capital Markets.
Net proceeds of the offering will be used to fund eligible green projects in accordance with RioCan's current green bond framework.
RioCan is one of Canada's largest real estate investment trusts. RioCan owns, manages and develops retail-focused, increasingly mixed-use properties located in prime, high-density transit-oriented areas where Canadians shop, live and work.
Further information can be found on Globe Newswire's website.