On February 12, 2025, RioCan Real Estate Investment Trust completed its previously announced issuance of $550 million aggregate principal amount of senior unsecured debentures in two series. The offering, made on a private placement basis in each of the provinces of Canada, included

1. $250 million aggregate principal amount of Series AN senior unsecured debentures, that bear interest at Daily Compounded CORRA plus 0.85 percent per annum, payable quarterly in arrears, and which mature on March 1, 2027; and
2. $300 million aggregate principal amount of Series AO senior unsecured debentures, sold at a price of $99.997 per $100 principal amount, that carry a coupon of 4.671 percent per annum and which mature on March 1, 2032.

The debentures were offered on an agency basis by a syndicate of agents co-led by TD Securities, BMO Capital Markets, CIBC Capital Markets, Desjardins Securities Inc., RBC Capital Markets and Scotia Capital.

The net proceeds of the offering will be used to repay existing indebtedness at or prior to maturity. The balance of the net proceeds, if any, will be used for general business purposes.

RioCan is one of Canada’s largest real estate investment trusts. It owns, manages and develops retail-focused, mixed-use properties located in prime, high-density transit-oriented areas.

Torys acted as counsel to the syndicate of agents with a team that included Michael Zackheim and Shaoor Ahmad (corporate/securities) and Simon Williams (lending).