Choice Properties REIT completes inaugural green bond offering
On November 30, 2021, Choice Properties Real Estate Investment Trust (the “Trust”) announced that it completed its previously announced issuance, on a private placement basis in certain provinces of Canada, of C$350 million aggregate principal amount of Series Q senior unsecured debentures, which bear interest at a rate of 2.456% per annum and mature on November 30, 2026. The debentures represent the Trust’s first green bond offering pursuant to its Green Financing Framework.
The debentures were offered on an agency basis by a syndicate of agents co-led by CIBC Capital Markets, RBC Capital Markets, TD Securities, BMO Capital Markets and Scotiabank.
The Trust intends to allocate the net proceeds of the offering to fund the financing and/or refinancing of eligible green projects as described in its Green Financing Framework. Prior to the allocation of the net proceeds of the offering to eligible green projects, the Trust intends to use the net proceeds of the offering to repay existing indebtedness, including (i) a previously announced early redemption of the Trust’s C$300 million principal amount of 3.01% series I senior unsecured debentures on December 10, 2021, and (ii) to repay all or a portion of the balance drawn on the Trust’s credit facility.
Further information can be found on Business Wire’s website.
Choice Properties is a leading real estate investment trust that creates enduring value through the ownership, operation and development of high-quality commercial and residential properties.