RioCan Real Estate Investment Trust
TSX : REI.UN

RioCan Real Estate Investment Trust

June 08, 2005 17:19 ET

RioCan Real Estate Investment Trust Announces $100 Million Senior Unsecured Debenture Issue

TORONTO, ONTARIO--(CCNMatthews - June 8, 2005) - 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 agreed to issue, on a bought deal basis, $100 million principal amount of Series H senior unsecured debentures. These debentures will carry a coupon rate of 4.70% and will mature on June 15, 2012. The offering is being underwritten by Scotia Capital Inc. acting as sole lead underwriter, and TD Securities Inc. Closing of this issue is expected on or about June 15, 2005.

This offering is being made under RioCan's shelf prospectus dated February 21, 2005. 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 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 a U.S. person except pursuant to applicable exemptions from registration requirements.

About RioCan REIT

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 186 retail properties across Canada containing an aggregate of approximately 46 million square feet, including partners' and shadow anchors' interests.

Contact Information

  • RioCan Real Estate Investment Trust
    Edward Sonshine, Q.C.
    President & CEO
    (416) 866-3018
    www.riocan.com