Choice Properties announces issuance of C$550 million of Series S senior unsecured debentures
Torys acted as counsel to Choice Properties with a team that included Michael Zackheim, Christopher Tworzyanski and Max Ledger (corporate/securities).
On February 16, 2023, 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$550 million aggregate principal amount of Series S senior unsecured debentures that will bear interest at a rate of 5.400% per annum and mature on March 1, 2033.
The debentures are being offered on an agency basis by a syndicate of agents co-led by TD Securities, BMO Capital Markets, RBC Capital Markets, CIBC Capital Markets and Scotiabank.
The offering is expected to close on March 1, 2023, subject to customary closing conditions.
Choice Properties intends to use the net proceeds of the offering
- to repay upon maturity its outstanding C$250 million aggregate principal amount of 3.196% series G senior unsecured debentures due March 7, 2023;
- to repay all or a portion of the balance drawn on the Choice Properties’ credit facility; and
- for general business purposes.
Further information can be found on Business Wire’s website.
Choice Properties is a leading real estate investment trust that creates value through the ownership, operation and development of high-quality commercial and residential properties.