RioCan Real Estate Investment Trust
TSX : REI.UN

RioCan Real Estate Investment Trust

October 28, 2009 10:39 ET

RioCan Real Estate Investment Trust Announces Increase to Previously Announced Series M Senior Unsecured Debenture Issue to $150 Million

TORONTO, ONTARIO--(Marketwire - Oct. 28, 2009) -

NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES

RioCan Real Estate Investment Trust ("RioCan") (TSX:REI.UN) announced today that it has amended the terms of its previously announced offering of Series M senior unsecured debentures to increase the size of the offering to $150 million principal amount of debentures. These debentures will carry a coupon rate of 5.65% and will mature on March 31, 2015. The debentures are being sold on a bought deal basis by a syndicate led by RBC Capital Markets and Scotia Capital. Closing of this issue is expected on or about November 3, 2009.

This offering is being made under RioCan's base shelf prospectus dated June 13, 2008. The terms of the offering will be described in a prospectus supplement to be filed with Canadian securities regulators.

The net proceeds from the offering will be used by RioCan to redeem $44.619 million of its March 24, 2010 4.938% Series J senior unsecured debentures, and in such other manner as determined by management to be appropriate from time to time, including to provide additional financial flexibility to its liquidity position, to repay indebtedness incurred under its operating credit facilities, to fund development activities and future property acquisitions and for general trust purposes.

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities in any jurisdiction. The debentures being offered have not been and will not be registered under the U.S. Securities Act of 1933 and state securities laws. Accordingly, the debentures may not be offered or sold to U.S. persons except pursuant to applicable exemptions from registration requirements.

About RioCan
RioCan is Canada's largest real estate investment trust with a total capitalization of approximately $7.8 billion as at September 30, 2009. It owns and manages Canada's largest portfolio of shopping centres with ownership interests in a portfolio of 247 retail properties, including 13 under development, containing an aggregate of over 59 million square feet. For further information, please refer to RioCan's website at www.riocan.com.

Contact Information

  • RioCan Real Estate Investment Trust
    Rags Davloor
    Senior Vice President & CFO
    (416) 642-3554
    www.riocan.com