RioCan completes issuance of C$300 million Series AI senior unsecured debentures
On September 29, 2023, RioCan Real Estate Investment Trust (“RioCan”) announced it has closed its previously announced issuance, on a private placement basis in each of the provinces of Canada, of C$300 million principal amount of Series AI senior unsecured debentures.
The debentures are the first series of “3NC1” bonds to be issued by a Canadian real estate investment trust. The debentures carry a coupon of 6.488% per annum and mature on September 29, 2026. RioCan will have the option to repay the debentures at par, in whole or in part, on or after September 29, 2024.
The debentures were offered on an agency basis by a syndicate of agents co-led by RBC Capital Markets, CIBC Capital Markets, TD Securities, BMO Capital Markets, and Scotia Capital Inc.
The net proceeds of this offering will be used to repay existing indebtedness at or prior to maturity. The balance of the net proceeds, if any, will be used for general business purposes.
Further information can be found on Businesswire’s website.
RioCan is one of Canada’s largest real estate investment trusts. RioCan 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.