SmartCentres Real Estate Investment Trust Announces $500 Million Series AC and Series AD Senior Unsecured Debenture Issues

Executive Summary

• SmartCentres REIT priced a $250 million Series AC 3.599% senior unsecured debenture and a $250 million Series AD 4.318% senior unsecured debenture, totaling $500 million in new debt.
• The offerings are expected to close around November 12, 2025 and will be used primarily to refinance existing debt (including repayment of $350 million Series X debentures and revolving credit facilities) and for general corporate purposes.
• Morningstar DBRS assigned a provisional BBB rating with a stable trend to the new debentures.

Key Details

• Series AC Debentures:
• Principal amount: $250 million
• Coupon: 3.599%
• Maturity: June 12, 2029
• Series AD Debentures:
• Principal amount: $250 million
• Coupon: 4.318%
• Maturity: June 12, 2032
• Syndicate / Bookrunners: Scotiabank, CIBC Capital Markets, Desjardins Securities, RBC Capital Markets, TD Securities (joint bookrunners); National Bank Financial, Mizuho Securities, BMO Capital Markets, Beacon (co‑managers).
• Closing Date: Expected on or about November 12, 2025.
• Use of Proceeds:
• Repayment of $350 million Series X senior unsecured debentures due December 16, 2025.
• Repayment of revolving credit line and certain mortgage obligations.
• General corporate purposes.
• Rating: Morningstar DBRS provisional BBB rating, stable trend.
• Placement Type: Private placement to accredited investors across Canadian provinces and territories; not registered under U.S. securities laws.

Notable Quotes

(No direct quotes were included in the release.)