RioCan REIT completes offering of C$700 million senior unsecured debentures
On October 3, 2024, RioCan Real Estate Investment Trust (“RioCan”) announced that it completed its previously announced issuance of C$700 million aggregate principal amount of senior unsecured debentures of its two series. The offering included (i) C$500 million aggregate principal amount of Series AL senior unsecured debentures bearing interest at a rate of 4.623% per annum and maturing on October 3, 2031; and (ii) C$200 million aggregate principal amount of Series AM senior unsecured debentures bearing interest at a rate of 4.004% per annum and maturing on March 1, 2028 (collectively, the “Debentures”).
The net proceeds of the Debentures will be used by RioCan to repay existing indebtedness at or prior to maturity, including the redemption of all of its C$300 million, 6.488% Series AI senior unsecured debentures at par on the applicable redemption date. The balance of the net proceeds, if any, will be used for general business purposes.
The Debentures were offered on an agency basis by a syndicate of agents co-led by TD Securities, CIBC Capital Markets, RBC Capital Markets, Scotia Capital, BMO Capital Markets and Desjardins Securities and was made on a private placement basis.
Further information can be found on Business Wire’s website.
RioCan is one of Canada’s largest real estate investment trusts. It owns, manages and develops retail-focused, increasingly mixed-use properties located in prime, high-density transit-oriented areas where Canadians want to shop, live and work.