Choice Properties completes C$500 million issuance of Series U senior unsecured debentures
Torys acted as counsel to Choice Properties with a team that included Michael Zackheim, Arron Chahal and Andrea Das-Wieczorek (corporate/securities).
On May 23, 2024, Choice Properties Real Estate Investment Trust (“Choice Properties”) announced that it completed its previously announced issuance, on a private placement basis in certain provinces of Canada, of C$500 million aggregate principal amount of series U senior unsecured debentures bearing interest at a rate of 5.030% per annum and will mature on February 28, 2031.
Choice Properties intends to use the net proceeds of the offering, together with other available funds, to repay upon maturity its outstanding C$550 million aggregate principal amount of 3.556% series K senior unsecured debentures due September 9, 2024.
The debentures were sold on an agency basis by a syndicate of agents co-led by RBC Capital Markets, Scotiabank, TD Securities, BMO Capital Markets, and CIBC Capital Markets.
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.