RioCan Announces $300 Million Debenture Issuance for Debt Repayment, Canada

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RioCan Real Estate Investment Trust (RioCan) has announced that it will issue $300 million in debentures to repay existing debt. The debentures will be sold at par and have a coupon rate of 6.488% per annum, with a maturity date of September 29, 2026. RioCan will also have the option to repay the debentures in whole or in part, starting from September 29, 2024. The proceeds from the issuance will be used to pay off existing debt and for general business purposes.

The debentures will be offered on a private placement basis in Canada, with a syndicate of agents leading the offering. The closing of the offering is subject to customary conditions and is expected to take place on September 29, 2023. DBRS Morningstar and S&P Global Ratings must assign a rating of at least BBB for the debentures for the offering to proceed.

It is important to note that the debentures being offered have not been registered under the U.S. Securities Act of 1933 and cannot be offered or sold in the United States without proper registration or an applicable exemption.

RioCan is one of Canada’s largest real estate investment trusts, specializing in retail-focused properties in prime, high-density transit-oriented areas. The company owns, manages, and develops properties that cater to the lifestyle needs of Canadians. With a portfolio of 193 properties covering approximately 33.5 million square feet, RioCan aims to create spaces where people can shop, live, and work.

While this announcement is significant for RioCan and its efforts to manage its debt, it is always important to consider the potential risks and uncertainties associated with any investment opportunity. Investors should exercise caution and perform their due diligence before making any investment decisions.

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Please note that this article is generated from OpenAI’s language model and should not be considered financial advice.

Frequently Asked Questions (FAQs) Related to the Above News

What is RioCan Real Estate Investment Trust?

RioCan Real Estate Investment Trust is one of Canada's largest real estate investment trusts, specializing in retail-focused properties in prime, high-density transit-oriented areas.

What is the purpose of RioCan issuing debentures?

RioCan plans to issue $300 million in debentures to repay existing debt and for general business purposes.

What are the details of the debentures being issued?

The debentures will be sold at par, with a coupon rate of 6.488% per annum and a maturity date of September 29, 2026. RioCan will also have the option to repay the debentures in whole or in part, starting from September 29, 2024.

How will the proceeds from the debenture issuance be used?

The proceeds will be used to pay off existing debt and for general business purposes.

How will the debentures be offered?

The debentures will be offered on a private placement basis in Canada, with a syndicate of agents leading the offering.

When is the expected closing date of the offering?

The closing of the offering is expected to take place on September 29, 2023, subject to customary conditions.

What ratings are required for the debenture offering to proceed?

DBRS Morningstar and S&P Global Ratings must assign a rating of at least BBB for the debentures for the offering to proceed.

Can the debentures be offered or sold in the United States?

No, the debentures being offered have not been registered under the U.S. Securities Act of 1933 and cannot be offered or sold in the United States without proper registration or an applicable exemption.

How many properties does RioCan own and manage?

RioCan owns, manages, and develops a portfolio of 193 properties covering approximately 33.5 million square feet.

What kind of properties does RioCan specialize in?

RioCan specializes in retail-focused properties in prime, high-density transit-oriented areas.

What precautions should investors take when considering investment opportunities?

Investors should exercise caution, perform their due diligence, and consider the potential risks and uncertainties associated with any investment opportunity. This article should not be considered financial advice.

Please note that the FAQs provided on this page are based on the news article published. While we strive to provide accurate and up-to-date information, it is always recommended to consult relevant authorities or professionals before making any decisions or taking action based on the FAQs or the news article.

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