RioCan Real Estate Investment Trust
TSX : REI.UN

RioCan Real Estate Investment Trust

March 24, 2006 10:03 ET

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

TORONTO, ONTARIO--(CCNMatthews - March 24, 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 completed its previously announced issue, on a bought deal basis, of $100 million principal amount of Series J senior unsecured debentures. These debentures carry a coupon rate of 4.938% and will mature on March 24, 2010. The offering was underwritten by BMO Nesbitt Burns Inc. and RBC Capital Markets.

This offering was made under RioCan's shelf prospectus dated February 21, 2005. The terms of the offering are described in a prospectus supplement dated March 21, 2006, which was filed with Canadian securities regulators.

The Series J debentures have been rated BBB- by Standard & Poor's and BBB (Stable) by Dominion Bond Rating Services. The net proceeds from this offering will be used by RioCan 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 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