RioCan arranges $200-million debenture offering

Mr. Dennis Blasutti reports RIOCAN REAL ESTATE INVESTMENT TRUST ANNOUNCES OFFERING OF $200 MILLION OF SERIES AP SENIOR UNSECURED DEBENTURES RioCan Real Estate Investment Trust has agreed to issue $200-million principal amount of Series AP senior unsecured debentures. The debentures will be sold at a price of $100 per $100 principal amount, carry a coupon of 4.417 per cent per annum and mature on Oct. 1, 2032. 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 RBC Capital Markets, BMO Capital Markets, CIBC Capital Markets, Desjardins Capital Markets, Scotia Capital and TD Securities. Subject to customary closing conditions, the offering is expected to close on Oct. 1, 2025. It is a condition of closing that Morningstar DBRS assign a rating of at least BBB with a stable 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 and mixed-use properties in densely populated communities. As at June 30, 2025, its portfolio is composed of 178 properties with an aggregate net leasable area of approximately 32 million square feet (at RioCan's interest). We seek Safe Harbor.