Toronto (pcJ News Briefs) – RioCan Real Estate Investment Trust (TSX: REI.UN) intends to issue to the public $300 million principal amount of Series Z senior unsecured debentures.
The debentures are being offered on a best efforts agency basis by a syndicate of agents co-led by RBC Capital Markets, TD Securities and BMO Capital Markets. The Debentures, which were sold at par will carry a coupon rate of 2.194% and will mature on April 9, 2021.
Net proceeds will be used by RioCan to fund development, for property acquisitions, to repay certain indebtedness including indebtedness incurred in the ordinary course under RioCan’s operating lines of credit and the balance for general trust purposes.
RioCan owns and manages Canada’s largest portfolio of shopping centres with ownership interests in a portfolio of 300 Canadian retail and mixed use properties, including 15 properties under development, containing an aggregate net leasable area of 47 million square feet.
photo credit: RioCan Real Estate Investment Trust