RioCan Real Estate Investment Trust
TSX : REI.UN

RioCan Real Estate Investment Trust

March 20, 2006 16:02 ET

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

TORONTO, ONTARIO--(CCNMatthews - March 20, 2006) -

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 J senior unsecured debentures. These debentures will carry a coupon rate of 4.938% and will mature on March 24, 2010. The offering is being underwritten by BMO Nesbitt Burns Inc. and RBC Capital Markets. Closing of this issue is expected on or about March 24, 2006.

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 U.S. persons except pursuant to applicable exemptions from registration requirements.

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 a total market capitalization of approximately $7 billion. It has ownership interests in a portfolio of 202 retail properties, including 14 under development, across Canada containing an aggregate of approximately 51.2 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