RioCan Real Estate Investment Trust

RioCan Real Estate Investment Trust

January 04, 2005 09:50 ET

RioCan Real Estate Investment Trust Announces Completion of $110 Million Unsecured Debenture Issue


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: RIOCAN REAL ESTATE INVESTMENT TRUST

TSX SYMBOL: REI.UN

JANUARY 4, 2005 - 09:50 ET

RioCan Real Estate Investment Trust Announces
Completion of $110 Million Unsecured Debenture Issue

TORONTO, ONTARIO--(CCNMatthews - Jan. 4, 2005) - MEDIA RELEASE IS NOT
FOR DISTRIBUTION TO THE UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES

RioCan Real Estate Investment Trust ("RioCan") (TSX:REI.UN) today
announced that it has completed its previously announced issue, on a
bought deal basis, of $110 million principal amount of senior unsecured
debentures. The debentures carry a coupon rate of 3.85% and will mature
on January 4, 2008. The offering was underwritten by CIBC World Markets
Inc. and RBC Dominion Securities Inc.

This offering was made under RioCan's shelf prospectus dated September
22, 2003. The terms of the offering are described in the prospectus
supplement dated December 20, 2004, which was filed with Canadian
securities regulatory authorities.

The net proceeds from this offering, rated "BBB-" by Standard & Poor's
and "BBB" by Dominion Bond Rating Services, will be used by RioCan to
fund its ongoing acquisition and development programs and for general
trust purposes.

About RioCan

RioCan's purpose is to deliver to its unitholders stable and reliable
cash distributions, which continuously increase over time. RioCan is
Canada's largest real estate investment trust with total assets of
approximately $4.1 billion. It has ownership interests in a portfolio of
183 retail properties across Canada containing an aggregate of
approximately 44 million square feet including partners' and shadow
anchors' interests.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    RioCan Real Estate Investment Trust
    Robert Wolf
    Vice President & CFO
    (416) 866-3198
    Website: http://www.riocan.com