RioCan arranges $200-million debenture offering

Mr. Dennis Blasutti reports RIOCAN REAL ESTATE INVESTMENT TRUST ANNOUNCES OFFERING OF $200 MILLION OF SERIES AQ SENIOR UNSECURED DEBENTURES RioCan Real Estate Investment Trust has agreed to issue $200-million principal amount of Series AQ senior unsecured debentures. The debentures will be sold at a price of $100 per $100 principal amount, will carry a coupon of 4.308 per cent per annum and will mature on March 11, 2033. The net proceeds of the debentures being offered will be used by the trust to repay existing indebtedness at or prior to maturity. The balance of the net proceeds, if any, will be used for general business purposes. The debentures are being offered on an agency basis by a syndicate of agents co-led by TD Securities, Desjardins Capital Markets, RBC Capital Markets, BMO Capital Markets, CIBC Capital Markets and Scotia Capital. Subject to customary closing conditions, the offering is expected to close on March 11, 2026. Morningstar DBRS confirmed the issuer rating and senior unsecured debenture credit rating of RioCan at BBB and changed the trend to positive from stable. It is a condition of closing that Morningstar DBRS assign a rating of at least BBB with a positive trend for the debentures. The offering is being made on a private placement basis in each of the provinces of Canada, and the debentures will be issued pursuant to RioCan's trust indenture dated March 8, 2005, as supplemented. The debentures will rank equally with all other senior unsecured indebtedness of the trust. About RioCan Real Estate Investment Trust RioCan meets the everyday shopping needs of Canadians through the ownership, management and development of necessity-based retail properties in densely populated communities. As at Dec. 31, 2025, its portfolio is composed of 168 properties with an aggregate net leasable area of approximately 31 million square feet (at RioCan's interest). We seek Safe Harbor.