NOT FOR DISTRIBUTION TO U.S. NEWSWIRE OR FOR DISSEMINATION IN THE UNITED STATES
TORONTO–(BUSINESS WIRE)–RioCan Real Estate Investment Trust (“RioCan” or the “Trust”) (TSX: REI.UN) today announced that it has agreed to issue $200 million principal amount of Series AP senior unsecured debentures (the “Debentures”).
The Debentures will be sold at a price of $100 per $100 principal amount, carry a coupon of 4.417% per annum and will mature on October 1, 2032.
The net proceeds of the Debentures being offered will be used by the Trust to repay existing indebtedness at or prior to maturity. The balance of the net proceeds, if any, will be used for general business purposes.
The Debentures are being offered on an agency basis by a syndicate of agents co-led by RBC Capital Markets, BMO Capital Markets, CIBC Capital Markets, Desjardins Capital Markets, Scotia Capital and TD Securities. Subject to customary closing conditions, the offering is expected to close on October 1, 2025.
It is a condition of closing that Morningstar DBRS assign a rating of at least BBB with a stable trend for the Debentures.
The offering is being made on a private placement basis in each of the provinces of Canada, and the Debentures will be issued pursuant to RioCan’s trust indenture dated March 8, 2005, as supplemented. The Debentures will rank equally with all other senior unsecured indebtedness of the Trust.
The Debentures being offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About RioCan
RioCan meets the everyday shopping needs of Canadians through the ownership, management and development of necessity-based and mixed-use properties in densely populated communities. As at June 30, 2025, our portfolio is comprised of 178 properties with an aggregate net leasable area of approximately 32 million square feet (at RioCan’s interest). To learn more about us, please visit www.riocan.com.
Forward Looking Information
This News Release contains forward-looking information within the meaning of applicable Canadian securities laws. This information reflects RioCan’s objectives, our strategies to achieve those objectives, as well as statements with respect to management’s beliefs, estimates and intentions concerning anticipated future events or expectations that are not historical facts. Forward-looking information generally can be identified by the use of forward-looking terminology such as “outlook”, “objective”, “may”, “will”, “would”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “should”, “plan”, “continue”, or similar expressions suggesting future outcomes or events. Such forward-looking information reflects management’s current beliefs and is based on information currently available to management. All forward-looking information in this News Release is qualified by these cautionary statements.
Forward-looking information is not a guarantee of future events or performance and, by its nature, is based on RioCan’s current estimates and assumptions, which are subject to numerous risks and uncertainties, including those described in the “Risks and Uncertainties” section in RioCan’s MD&A for the period ended June 30, 2025 and in our most recent Annual Information Form, which could cause actual events or results to differ materially from the forward-looking information contained in this News Release.
Although the forward-looking information contained in this News Release is based upon what management believes are reasonable assumptions, there can be no assurance that actual results will be consistent with this forward-looking information. The forward-looking statements contained in this News Release are made as of the date hereof, and should not be relied upon as representing RioCan’s views as of any date subsequent to the date of this News Release. Management undertakes no obligation, except as required by applicable law, to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise.
Contacts
Dennis Blasutti
Chief Financial Officer
RioCan REIT
(416) 866-3033
