Choice Properties completes C$500 million issuance of Series N and Series O senior unsecured debentures

March 03, 2020

Torys represented Choice Properties with a team that included Michael Zackheim and Michael Murphy (corporate/securities).

On February 18, 2020, Choice Properties Real Estate Investment Trust (the "Trust") announced that it agreed to issue, on a private placement basis in certain provinces of Canada, C$500 million aggregate principal amount of senior unsecured debentures in two series.

The offering included: (i) C$400 million aggregate principal amount of Series N senior unsecured debentures bearing interest at a rate of 2.981% per annum and maturing on March 4, 2030, and (ii) C$100 million aggregate principal amount of Series O senior unsecured debentures bearing interest at a rate of 3.827% per annum and maturing on March 4, 2050.

The offering closed on March 3, 2020.

The debentures were sold on an agency basis by a syndicate of agents co-led by RBC Capital Markets, BMO Capital Markets, TD Securities, CIBC Capital Markets and Scotiabank.

The net proceeds of the offering will be used to repay existing indebtedness of the Trust, including redemption in full of the Trust's C$250 million aggregate principal amount of 2.297% Series E senior unsecured debentures due September 14, 2020, as well as to repay a portion of the balance drawn on the Trust's credit facility.

Further information can be found on Canada Newswire’s website.

Choice Properties is the owner, manager and developer of a high-quality portfolio comprising 726 properties totaling 65.8 million square feet of gross leasable area. Choice Properties owns a portfolio comprised of retail properties predominantly leased to necessity-based tenants; industrial, office and residential assets concentrated in attractive markets.

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