Choice Properties REIT completes C$350 million issuance of Series G and Series H senior unsecured debentures
On March 7, 2016, Choice Properties Real Estate Investment Trust (Choice Properties) completed its previously announced issuance of C$350 million aggregate principal amount of senior unsecured debentures in two series. The offering included (i) C$250 million aggregate principal amount of Series G senior unsecured debentures bearing interest at a rate of 3.196% per annum and maturing on March 7, 2023 and (ii) C$100 million aggregate principal amount of Series H senior unsecured debentures bearing interest at a rate of 5.268% per annum and maturing on March 7, 2046.
The debentures were sold on an agency basis by a syndicate of agents co-led by TD Securities, CIBC Capital Markets, RBC Capital Markets and BMO Capital Markets.
The net proceeds of the offering will be used by Choice Properties to repay existing indebtedness and for general business purposes.
Choice Properties REIT is an owner, manager and developer of well-located retail and commercial real estate across Canada, with a portfolio comprising 519 properties spanning approximately 41.6 million square feet.
Further information can be found on Choice Properties' website.