By Cristal Cody
Prospect News, Dec. 6 - RioCan Real Estate Investment Trust sold an upsized C$250 million of 3.716% senior debentures at 100.243 to yield 3.684% on Thursday, according to an informed source.
The series R debentures (/BBB- expected/DBRS: BBB expected) due Dec. 13, 2021 priced at a spread of 207 basis points over the interpolated Government of Canada bond curve.
The deal was upsized from C$200 million.
TD Securities Inc. was the bookrunner.
Proceeds will be used to repay debt, including debt incurred in the ordinary course under RioCan's operating lines of credit, for property acquisitions, to fund development and for general trust purposes.
The REIT last was in the debt markets on July 12 with a C$25 million reopening of its 3.85% seven-year senior debentures.
Toronto-based RioCan REIT is Canada's largest real estate investment trust.
| Issuer: | RioCan Real Estate Investment Trust
|
| Amount: | C$250 million, increased from C$200 million
|
| Maturity: | Dec. 13, 2021
|
| Securities: | Senior debentures
|
| Bookrunner: | TD Securities Inc.
|
| Co-manager: | Scotia Capital Inc.
|
| Coupon: | 3.716%
|
| Price: | 100.243
|
| Yield: | 3.684%
|
| Spread: | 207 bps over interpolated Government of Canada bond curve
|
| Pricing date: | Dec. 6
|
| Settlement date: | Dec. 12
|
| Expected ratings: | Standard & Poor's: BBB-
|
| DBRS: BBB
|
| Distribution: | Canada
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
