RioCan arranges $200-million debenture offering

Executive Summary

• RioCan Real Estate Investment Trust has agreed to issue $200 million in principal amount of Series AP Senior Unsecured Debentures.
• The debentures carry a coupon rate of 4.417% per annum and are scheduled to mature on October 1, 2032.
• Net proceeds will primarily be used to repay existing indebtedness at or prior to maturity, with any balance allocated to general business purposes.

Key Details

• Principal Amount: $200 million.
• Instrument: Series AP Senior Unsecured Debentures.
• Price: $100 per $100 principal amount.
• Coupon Rate: 4.417% per annum.
• Maturity Date: October 1, 2032.
• Use of Proceeds: Repayment of existing indebtedness at or prior to maturity; balance for general business purposes.
• Agents: Syndicate co-led by RBC Capital Markets, BMO Capital Markets, CIBC Capital Markets, Desjardins Capital Markets, Scotia Capital, and TD Securities.
• Closing Date: Expected October 1, 2025, subject to customary closing conditions.
• Rating Condition: Closing is conditional on Morningstar DBRS assigning a rating of at least BBB with a stable trend.
• Offering Basis: Private placement in each of the provinces of Canada.
• Ranking: Equally with all other senior unsecured indebtedness of the trust.
• Governing Document: Issued pursuant to RioCan's trust indenture dated March 8, 2005, as supplemented.