RioCan Real Estate Investment Trust

RioCan Real Estate Investment Trust

March 11, 2005 11:00 ET

RioCan Real Estate Investment Trust Announces Completion Of $150 Million Unsecured Debenture Issue


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: RIOCAN REAL ESTATE INVESTMENT TRUST

TSX SYMBOL: REI.UN

MARCH 11, 2005 - 11:00 ET

RioCan Real Estate Investment Trust Announces
Completion Of $150 Million Unsecured Debenture Issue

TORONTO, ONTARIO--(CCNMatthews - March 11, 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 $150 million principal amount of senior unsecured
debentures. The debentures carry a coupon rate of 5.23% and will mature
on March 11, 2013. A syndicate led by RBC Capital Markets has
underwritten the offering.

This offering is being made under RioCan's shelf prospectus dated
February 21, 2005. The terms of the offering are described in a
prospectus supplement dated March 7, 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 $13.693 million 7.07% Series A unsecured
debentures due October 31, 2007 and $125 million 7.20% Series C
unsecured debentures due January 18, 2006 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 $4.3 billion. It has ownership interests in a portfolio of
188 retail properties across Canada containing an aggregate of
approximately 46 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