RioCan completes $200-million debenture issuance

Executive Summary

• RioCan Real Estate Investment Trust has completed the issuance of $200 million in principal amount of Series AQ senior unsecured debentures.
• The debentures carry a coupon rate of 4.308% per annum, payable semi-annually, and mature on March 11, 2033.
• Net proceeds are designated primarily for the repayment of existing indebtedness, with any remaining balance allocated to general business purposes.

Key Details

• Principal Amount: $200 million.
• Instrument Type: Series AQ senior unsecured debentures.
• Price: $100 per $100 principal amount.
• Coupon Rate: 4.308% per annum, payable semi-annually in arrears.
• Maturity Date: March 11, 2033.
• Use of Proceeds: Repayment of existing indebtedness at or prior to maturity; balance for general business purposes.
• Underwriters/Agents: Syndicate co-led by TD Securities, Desjardins Capital Markets, RBC Capital Markets, BMO Capital Markets, CIBC Capital Markets, and Scotia Capital.
• Credit Rating: BBB with a positive trend, assigned by Morningstar DBRS.
• Ranking: Equally ranked with all other senior unsecured indebtedness of the trust.
• Indenture: Issued pursuant to RioCan's trust indenture dated March 8, 2005, as supplemented.