RioCan Real Estate Investment Trust

RioCan Real Estate Investment Trust

March 08, 2005 11:07 ET

RioCan Real Estate Investment Trust Announces Completion of $200 Million Unsecured Debenture Issue


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: RIOCAN REAL ESTATE INVESTMENT TRUST

TSX SYMBOL: REI.UN

MARCH 8, 2005 - 11:07 ET

RioCan Real Estate Investment Trust Announces
Completion of $200 Million Unsecured Debenture Issue

TORONTO, ONTARIO--(CCNMatthews - March 8, 2005) - MEDIA RELEASE IS NOT
FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE
SERVICES

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 $200 million principal amount of senior unsecured
debentures. The debentures carry a coupon rate of 4.91% and will mature
on March 8, 2011. The offering was underwritten by RBC Capital Markets.

This offering is being made under RioCan's shelf prospectus dated
February 21, 2005. The terms of the offering are described in the
prospectus supplement dated March 1, 2005, which was filed with Canadian
securities regulatory authorities.

The net proceeds from this offering, rated BBB- by Standard & Poor's and
BBB (Stable) by Dominion Bond Rating Services, will be used to fund the
redemption of the Trust's outstanding RealFund Series A senior unsecured
debentures due August 1, 2007 and to pay for the maturity of its $50
million 6.75% Series B unsecured debentures due April 25, 2005 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
187 retail properties across Canada containing an aggregate of
approximately 45 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
    Edward Sonshine, Q.C.
    President & CEO
    (416) 866-3018
    www.riocan.com