RioCan Real Estate Investment Trust
TSX : REI.UN

RioCan Real Estate Investment Trust

January 17, 2011 17:51 ET

RioCan Real Estate Investment Trust Announces Redemption of Series L Unsecured Debentures

TORONTO, ONTARIO--(Marketwire - Jan. 17, 2011) - RioCan Real Estate Investment Trust ("RioCan") (TSX:REI.UN) today announced that further to its announcement on January 17, 2011 it is issuing a notice of redemption to holders of its $180.0 million 8.33% Series L senior unsecured debentures due April 3, 2014 (the "Series L Debentures"), representing a redemption in full of all of the currently outstanding Series L Debentures. The Series L Debentures will be redeemed on February 24, 2011, in accordance with their terms, at a total redemption price of $1,131.85 plus accrued and unpaid interest of $32.86356 to but excluding the redemption date, both per $1,000 principal amount.

RioCan will use cash on hand, together with a portion of proceeds to be received in connection with its recently announced public offerings of $225 million Series O senior unsecured debentures and 4 million cumulative rate reset preferred trust units for aggregate gross proceeds of $100 million, to fund the redemption by RioCan of the Series L Debentures.

About RioCan

RioCan is Canada's largest real estate investment trust with a total capitalization of approximately $10.1 billion as at December 31, 2010. It owns and manages Canada's largest portfolio of shopping centres with ownership interests in a portfolio of 296 retail properties, including 10 under development, containing an aggregate of over 66 million square feet. RioCan owns an 80% interest in 31 grocery anchored and new format retail centres in the United States through various joint venture arrangements. In addition, RioCan owns a 14% equity interest in Cedar Shopping Centres, Inc., a real estate investment trust focused on supermarket-anchored shopping centres and drug store-anchored convenience centres located predominantly in the Northeastern United States. For further information, please refer to RioCan's website at www.riocan.com.

Forward-Looking Information

This news release contains forward-looking statements within the meaning of applicable securities laws. These statements include, but are not limited to, statements concerning our objectives, our strategies to achieve those objectives, as well as statements with respect to management's beliefs, plans, estimates, and intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "outlook", "objective", "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "should", "plans" or "continue", or similar expressions suggesting future outcomes or events. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management.

These statements are not guarantees of future events and are based on our estimates and assumptions that are subject to risks and uncertainties, which could cause actual events or results described above to differ materially from the forward-looking statements contained herein. Those risks and uncertainties include risks associated with real property ownership, financing and interest rates, environmental matters and construction. Although the forward-looking information contained herein is based upon what management believes are reasonable assumptions, there can be no assurance that actual results will be consistent with these forward-looking statements. All forward-looking statements in this press release are qualified by these cautionary statements. Except as required by applicable law, RioCan undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Contact Information

  • RioCan Real Estate Investment Trust
    Rags Davloor
    Senior Vice President & CFO
    (416) 642-3554