Choice Properties REIT to issue C$450 million of Series C and Series D senior unsecured debentures
On February 3, 2014, Choice Properties Real Estate Investment Trust (the REIT) announced that it agreed to issue, on an agency basis, C$450 million aggregate principal amount of senior unsecured debentures of the REIT in two series.
The offering is being made under the REIT's short form base shelf prospectus dated September 3, 2013 and includes C$250 million principal amount of Series C senior unsecured debentures with a 7-year term and a coupon of 3.498% per annum and C$200 million principal amount of Series D senior unsecured debentures with a 10-year term and a coupon of 4.293% per annum. The debentures are being offered on an agency basis through a syndicate of agents co-led by CIBC World Markets, RBC Capital Markets, TD Securities and BMO Capital Markets.
The net proceeds of the debenture offering will be used by the REIT to repay existing indebtedness and for general business purposes.
The debenture offering is expected to close on February 6, 2014.
Choice Properties REIT is one of Canada's largest REITs, with a portfolio comprising 433 properties spanning approximately 36.2 million square feet.
Further information can be found on Canada Newswire's website.