Choice Properties REIT completes C$500 million issuance of Series R senior unsecured debentures
On June 24, 2022, Choice Properties Real Estate Investment Trust (the “Trust”) announced that it completed its previously announced issuance of C$500 million aggregate principal amount of Series R senior unsecured debentures, on a private placement basis in certain provinces of Canada, bearing interest at a rate of 6.003% per annum and maturing on June 24, 2032.
The debentures were sold on an agency basis by a syndicate of agents co-led by TD Securities, CIBC Capital Markets, RBC Capital Markets, BMO Capital Markets and Scotiabank.
The Trust intends to use the net proceeds of the offering (i) to pay for the previously announced early redemption of Choice Properties Limited Partnership’s C$300 million principal amount of 3.60% Series 10 senior unsecured debentures on June 26, 2022, (ii) to repay all or a portion of the balance drawn on the Trust’s credit facility, and (iii) for general business purposes.
Further information can be found on Business Wire’s website.
Choice Properties is a leading real estate investment trust that creates value through the ownership, operation and development of high-quality commercial and residential properties.