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

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[{"type":"text","content":"\n\n\n\nChoice Properties Real Estate Investment Trust Completes $500 Million Issuance of Series P 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, May 21, 2020\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./\n TORONTO, May 21, 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 (the \"Offering\"), of $500 million aggregate principal amount of series P senior unsecured debentures of the Trust  bearing interest at a rate of 2.848% per annum and maturing on May 21, 2027 (the \"Debentures\").\n\n \n \n \n \n \n \n\n \nThe Trust intends to use the net proceeds of the Offering to (A) repay existing indebtedness, including the previously announced redemption in full of (i) the $100 million aggregate principal amount of its 4.323% series B senior unsecured debentures due January 15, 2021 and (ii) the $250 million aggregate principal amount of its 3.498% series C senior unsecured debentures due February 8, 2021, as well as to repay all or a portion of the balance drawn on the Trust's credit facility and (B) for general business purposes.  \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 the Trust that has not been subordinated.\nThe Debentures were sold on an agency basis by a syndicate of agents co-led by TD Securities, RBC Capital Markets, CIBC Capital Markets, BMO 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 in the United States absent registration or an applicable exemption from the registration requirements. This press ...

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