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SmartCentres REIT plans C$500M issuance of senior unsecured debentures

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SmartCentres REIT plans C$500M issuance of senior unsecured debentures

SmartCentres Real Estate Investment Trust is planning to issue, on an agency basis, C$500 million of two series of senior unsecured debentures, in a bid to raise funds for debt repayment and general trust purposes.

The proposed issuance, comprising C$250 million of Series R notes due Dec. 21, 2020, and C$250 million of Series S notes due Dec. 21, 2027, will be made via a prospectus supplement to the trust's existing C$2 billion shelf that was registered with the Canadian securities regulatory authorities.

The series R notes will carry a floating rate equivalent to three-month Canadian Dollar Offered Rate plus 66 basis points, while the series S notes will have a 3.834% coupon.

The offering is anticipated to close on or about Dec. 21.

BMO Capital Markets, CIBC Capital Markets, National Bank Financial and Scotia Capital act as the joint book runners of the offering, with RBC Capital Markets and TD Securities tapped to serve as joint lead managers, along with Desjardins Securities, Canaccord Genuity, HSBC Securities (Canada) and Raymond James.