RioCan Real Estate Investment Trust Completes $200 Million Issuance of Series AQ Senior Unsecured Debentures

Executive Summary

• RioCan Real Estate Investment Trust completed a $200 million Series AQ senior unsecured debenture issuance, priced at par with a 4.308% coupon and maturing on March 11 2033.
• Morningstar DBRS assigned the new debentures a BBB credit rating with a Positive trend, improving the Trust’s credit profile.
• Net proceeds will be used to repay existing indebtedness before maturity; any remaining funds are earmarked for general corporate purposes.

Key Details

• Issue Size & Terms: $200 million principal amount; issued at 100% of principal; coupon 4.308% per annum, payable semi‑annually in arrears; maturity March 11 2033.
• Pricing & Rating: Sold at $100 per $100 principal; Morningstar DBRS rating BBB with Positive trend (up from Stable).
• Use of Proceeds: Primary purpose – repayment of existing indebtedness at or prior to maturity; balance for general business purposes.
• Syndicate Lead Agents: TD Securities, Desjardins Capital Markets, RBC Capital Markets, BMO Capital Markets, CIBC Capital Markets, and Scotia Capital (agency basis).
• Debt Ranking: Debentures rank equally with all other senior unsecured indebtedness of the Trust under the trust indenture dated March 8 2005 (as supplemented).
• Regulatory Note: Not registered under the U.S. Securities Act; cannot be offered or sold in the United States absent registration or exemption.

Notable Quotes

(No executive quotes were included in the release.)