Choice Properties REIT completes C$1.3 billion issuance of Series K and Series L senior unsecured debentures
On March 6, 2018, Choice Properties Real Estate Investment Trust ("Choice Properties") announced that it agreed to issue, on a private placement basis in certain Provinces of Canada, C$1.3 billion aggregate principal amount of senior unsecured debentures in two series. The offering includes (i) C$550 million aggregate principal amount of series K senior unsecured debentures that will bear interest at a rate of 3.556% per annum and will mature on September 9, 2024, and (ii) C$750 million aggregate principal amount of series L senior unsecured debentures that will bear interest at a rate of 4.178% per annum and will mature on March 8, 2028.
The offering closed on March 8, 2018.
The debentures were sold on an agency basis by a syndicate of agents co-led by TD Securities, RBC Capital Markets, CIBC Capital Markets and BMO Capital Markets.
The net proceeds of the offering will be used to partially fund the purchase price of Choice Properties' previously announced acquisition of all of the assets of Canadian Real Estate Investment Trust.
Choice Properties is an owner, manager and developer of well-located retail and commercial real estate across Canada.
Further information can be found on Canada Newswire's website.