Choice Properties Real Estate Investment Trust Completes $500 Million Issuance of Senior Unsecured Debentures

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[{"type":"text","content":"\n\n\n\nChoice Properties Real Estate Investment Trust Completes $500 Million Issuance of 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\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, March 3, 2020\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./\n TORONTO, March 3, 2020 /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 $500 million aggregate principal amount of senior unsecured debentures of the Trust in two series (the \"Offering\"). The Offering included (i) $400 million aggregate principal amount of series N senior unsecured debentures bearing interest at a rate of 2.981% per annum and maturing on March 4, 2030 and (ii) $100 million aggregate principal amount of series O senior unsecured debentures bearing interest at a rate of 3.827% per annum and maturing on March 4, 2050 (collectively, the \"Debentures\").\n\n \n \n \n \n \n \n\n \nThe net proceeds of the Offering will be used by the Trust to repay existing indebtedness of the Trust, including redemption in full of the Trust's $250 million aggregate principal amount of 2.297% series E senior unsecured debentures due September 14, 2020, as well as to repay a portion of the balance drawn on the Trust's credit facility.  \nDBRS Limited has provided the Debentures with a credit rating of \"BBB\" with a \"Stable\" trend and Standard and Poor's Ratings Services has provided the Debentures with a credit rating of \"BBB\". The Debentures rank equally with all other unsecured indebtedness of Choice Properties that has not been subordinated.\nThe Debentures were sold on an agency basis by a syndicate of agents co-led by RBC Capital Markets, BMO Capital Markets, TD Securities, CIBC Capital Markets and Scotiabank. The Debentures offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold ...

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