RioCan Real Estate Investment Trust struck a deal to issue C$300 million principal amount of series Z senior unsecured debentures to the public.

The securities will carry a 2.194% coupon rate and mature April 9, 2021. They are being offered on a best-efforts agency basis by a syndicate of agents co-led by RBC Capital Markets, TD Securities and BMO Capital Markets.

The company will use the net proceeds to finance development, acquire properties, repay certain debt, and for general trust purposes.

RioCan expects to close the offering by April 10, noting that a condition of closing is that DBRS Ltd. assign the debentures a BBB(high) rating with a stable trend and S&P Global Ratings assign them a BBB rating.

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