RioCan REIT completes issuance of C$300 million Series AK senior unsecured debentures
Torys acted as counsel to the syndicate of agents co-led by TD Securities, CIBC Capital Markets, RBC Capital Markets, BMO Capital Markets, Scotia Capital and Desjardins Securities with a team that included Michael Zackheim and Arron Chahal (corporate/securities).
On May 31, 2024, RioCan Real Estate Investment Trust (“RioCan”) announced that it closed its previously announced issuance of C$300 million principal amount of Series AK senior unsecured debentures on a private placement basis in each of the provinces of Canada. The debentures were sold at a price of C$99.973 per C$100 principal amount, carry a coupon of 5.455% per annum and mature on March 1, 2031.
The debentures were offered on an agency basis by a syndicate of agents co-led by TD Securities, CIBC Capital Markets, RBC Capital Markets, BMO Capital Markets, Scotia Capital and Desjardins Securities.
The net proceeds of the offering will be used by RioCan to repay existing indebtedness at maturity.
Further information can be found on Business Wire’s website.
RioCan is one of Canada’s largest real estate investment trusts. It owns, manages and develops retail-focused, increasingly mixed-use properties located in prime, high-density transit-oriented areas where Canadians want to shop, live and work.