RioCan REIT completes $300M debenture offering

RioCan Real Estate Investment Trust (“RioCan”) completed a public offering of $300 million principal amount of Series Y senior unsecured debentures.

The agency syndicate was co-led by RBC Capital Markets, TD Securities and BMO Capital Markets and included CIBC World Markets Inc., Scotia Capital Inc. and National Bank Financial Inc. The debentures carry a coupon rate of 2.83 per cent and will mature on October 3, 2022.

The debentures were sold at a price of $99.997 per $100 principal amount with an effective yield of 2.831 per cent if held to maturity. The offering was made under RioCan’s base shelf short form prospectus dated August 10, 2016. The terms of the offering are described in a prospectus supplement dated January 11, 2017, which was filed with Canadian securities regulators.

RioCan was represented by
Goodmans LLP with a team that included Brenda Gosselin, Emily Weizel and Randy McAuley (corporate/securities) and Maureen Berry (tax). Sébastien Vézina, and Jean-François Lauzon of Lavery, de Billy, L.L.P. assisted RioCan in Québec.

The Agents were represented by
Torys LLP with a team that included Simon Knowling, Eric Foster and Jacob Posen (corporate/securities).
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