Choice Properties Real Estate Investment Trust launched a C$750 million private placement of 3.532% series M senior unsecured debentures due June 11, 2029.

The diversified REIT expects to close the private placement June 11 and will use the net proceeds to repay existing debt, including the full redemption of C$100 million of its 2.564% series C senior unsecured debentures due Nov. 30, as well as C$200 million of Choice Properties LP's 3.00% series 7 senior unsecured debentures due Sept. 20, among other purposes.

Choice Properties will fully redeem the series C debentures June 27 at a redemption price of C$1,001.470 per C$1,000 principal amount of the debentures plus accrued and unpaid interest of C$1.967.

Choice Properties LP will fully redeem the series 7 debentures June 27 at C$1,000 per C$1,000 principal amount of the debentures plus accrued and unpaid interest of C$8.137.

RBC Capital Markets, BMO Capital Markets, TD Securities, CIBC Capital Markets and Scotiabank are co-leading the syndicate of agents for the private placement.