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SmartCentres REIT closes C$500M debenture issuance

Canada's SmartCentres REIT closed its issuance, carried out on an agency basis, of C$500 million worth of two series of senior unsecured debentures.

The issuance comprised C$250 million of Series R floating-rate debentures due Dec. 21, 2020, and C$250 million of Series S debentures with an annual coupon rate of 3.834% and a maturity date of Dec. 21, 2027, according to a release.

SmartCentres plans to use the net proceeds to pay off debt and for general purposes.

BMO Capital Markets, CIBC Capital Markets, National Bank Financial and Scotia Capital were the joint book runners of the offering. RBC Capital Markets and TD Securities acted as additional joint lead managers, alongside co-managers Desjardins Securities, Canaccord Genuity, HSBC Securities (Canada) and Raymond James.