Choice Properties REIT completes C$650 million issuance of Series I and Series J senior unsecured debentures
On January 12, 2018, Choice Properties Real Estate Investment Trust ("Choice Properties") announced that it completed its previously announced issuance of C$650 million aggregate principal amount of senior unsecured debentures in two series. The offering included (i) C$300 million aggregate principal amount of Series I senior unsecured debentures bearing interest at a rate of 3.01% per annum and maturing on March 21, 2022 and (ii) C$350 million aggregate principal amount of Series J senior unsecured debentures bearing interest at a rate of 3.546% per annum and maturing on January 10, 2025.
The debentures were sold on an agency basis by a syndicate of agents co-led by RBC Capital Markets, TD Securities, CIBC Capital Markets and BMO Capital Markets.
The net proceeds of the offering will be used by Choice Properties to repay existing indebtedness, including an intention to redeem in full the $400 million aggregate principal amount of its 3.554% series A senior unsecured debentures due July 5, 2018, and for general business purposes.
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.