RioCan closes $200-million debenture offering

Executive Summary

• RioCan Real Estate Investment Trust completed a $200 million issuance of Series AP senior unsecured debentures.
• The debentures were sold at par ($100 per $100 principal) with a 4.417% annual coupon, semi‑annual payments, and mature on October 1, 2032.
• Net proceeds will be used to repay existing indebtedness and any remainder for general business purposes.

Key Details

• Principal amount: $200 million.
• Issue price: 100% of principal ($100 per $100).
• Coupon rate: 4.417% per annum, payable semi‑annually in arrears.
• Maturity date: October 1, 2032.
• Use of proceeds: Primarily to repay existing indebtedness; any excess for general corporate purposes.
• Syndicate agents: RBC Capital Markets, BMO Capital Markets, CIBC Capital Markets, Desjardins Capital Markets, Scotia Capital, TD Securities (co‑lead).
• Credit rating: Morningstar DBRS assigned BBB with a stable outlook.
• Ranking: Debentures rank equally with all other senior unsecured indebtedness of the trust under the March 8, 2005 indenture (as supplemented).

Notable Quotes

(No direct quotes provided in the release.)