RioCan Real Estate Investment Trust Announces Offering of $200 Million of Series AQ Senior Unsecured Debentures

Executive Summary

• RioCan Real Estate Investment Trust announced a $200 million private placement of 7‑year senior unsecured debentures (Series AQ) with a 4.308% annual coupon, maturing March 11 2033.
• Morningstar DBRS confirmed RioCan’s issuer rating at BBB and upgraded the trend to Positive from Stable, a condition for closing the offering.
• Net proceeds will be used primarily to repay existing indebtedness; any remaining funds are earmarked for general corporate purposes.

Key Details

• Debenture Terms: $200 million principal amount, issued at par ($100 per $100 principal), 4.308% coupon, maturity March 11 2033.
• Use of Proceeds: First priority – repayment of existing debt on or before its maturity; secondary – general business purposes.
• Offering Structure: Private placement in each Canadian province; agency syndicate led by TD Securities, Desjardins Capital Markets, RBC Capital Markets, BMO Capital Markets, CIBC Capital Markets, and Scotia Capital.
• Closing Timeline: Subject to customary conditions, expected closing on March 11 2026.
• Credit Rating: Morningstar DBRS confirmed issuer rating of BBB; trend changed to Positive from Stable. A minimum BBB rating with Positive trend is a closing condition for the debentures.
• Ranking: Debentures rank equally with all other senior unsecured indebtedness under RioCan’s trust indenture (dated March 8 2005, as supplemented).
• Regulatory Note: Debentures not registered under U.S. securities laws; cannot be offered or sold in the United States absent registration or exemption.

Notable Quotes

(No direct quotes were provided in the release.)