Choice Properties Real Estate Investment Trust Announces Issuance of $300 Million of Series V Senior Unsecured Debentures
Summary
Choice Properties Real Estate Investment Trust announced that it has agreed to issue, on a private placement basis in certain provinces of Canada (the ?Offering? ), $300 million aggregate principal amount of series V senior unsecured debentures of the Trust that will bear interest at a rate of 4.293% per annum and will mature on January 16, 2030 (the ?Debentures?). Offering of Debentures: The Debentures will be sold at par, and are being offered on an agency basis by a syndicate of agents co-led by RBC Capital Markets, Scotiabank, TD Securities, BMO Capital Markets, and CIBC Capital Markets. Subject to customary closing conditions, the Offering is expected to close on January 16, 2025.The Trust intends to use the net proceeds of the Offering to repay certain amounts drawn on its revolving credit facility which were utilized to repay upon maturity its $350 million aggregate principal amount of 3.546% series J senior unsecured debentures, and for general business purposes.