Choice Properties Real Estate Investment Trust Completes $1.3 billion Issuance of Series K and Series L Senior Unsecured Debentures

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[{"type":"text","content":"\n\n\n\nChoice Properties Real Estate Investment Trust Completes $1.3 billion Issuance of Series K and Series L Senior Unsecured Debentures\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntal{\nTEXT-ALIGN: LEFT\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, March 8, 2018\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./\n\n\n\nTORONTO, March 8, 2018 /CNW/ - Choice Properties Real Estate Investment Trust (\"Choice Properties\" or the \"Trust\") (TSX: CHP.UN) announced today that it has completed its previously announced issuance, on a private placement basis in certain Provinces of Canada, of $1.3 billion aggregate principal amount of senior unsecured debentures of the Trust in two series (the \"Offering\"). The Offering included (i) $550 million aggregate principal amount of series K senior unsecured debentures bearing interest at a rate of 3.556% per annum and maturing on September 9, 2024 and (ii) $750 million aggregate principal amount of series L senior unsecured debentures bearing interest at a rate of 4.178% per annum and maturing on March 8, 2028 (collectively, the \"Debentures\").\n\nThe net proceeds of the Offering will be used by the Trust to partially fund the purchase price in respect of the Trust's previously-announced acquisition of all of the assets of Canadian Real Estate Investment Trust (the \"Acquisition\").\n\nThe net proceeds of the Offering have been placed in escrow and will be released from escrow upon satisfaction of the applicable release conditions, including the completion of the Acquisition. The Debentures are also subject to a special mandatory redemption in the event that the agreement relating to the Acquisition is terminated or the applicable escrow release conditions are not satisfied by October 13, 2018. The redemption price for any special mandatory redemption will be 100% of the aggregate principal amount of the Debentures, together with accrued and unpaid interest on the Debentures from and including the date of settlement up to but excluding the date of the special mandatory redemption.\n\nDBRS Lim...

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