Artis Real Estate Investment Trust launched a C$200 million offering of two-year series B floating-rate senior unsecured debentures.
The debentures are priced at par and will bear interest at a rate based on the three-month Canadian Dollar Offered Rate on the settlement date and every interest payment date thereafter, plus 107 basis points.
The diversified REIT plans to use the net proceeds to partly settle the debt on its outstanding credit facilities.
The offering is expected to close on or about Feb. 7.
BMO Capital Markets, RBC Capital Markets and Scotiabank are leading a syndicate of agents for the offering.
