Choice Properties Real Estate Investment Trust Completes $750 Million Issuance of Series M Senior Unsecured Debentures

About this update from Choice Properties Real Estate Investment Trust

[{"type":"text","content":"\n\n\n\nChoice Properties Real Estate Investment Trust Completes $750 Million Issuance of Series M 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, June 11, 2019\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./\n TORONTO, June 11, 2019 /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 $750 million aggregate principal amount of series M senior unsecured debentures of the Trust bearing interest at a rate of 3.532% per annum and maturing on June 11, 2029 (the \"Debentures\").\nThe net proceeds of the Offering will be used by the Trust to repay existing indebtedness, including the previously-announced redemption in full of the $100 million aggregate principal amount of its 2.564% series C senior unsecured debentures due November 30, 2019 and the $200 million aggregate principal amount of Choice Properties Limited Partnership's 3.00% series 7 senior unsecured debentures due September 20, 2019, some of the Trust's unsecured term loans and 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 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 in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constit...

More updates from Choice Properties Real Estate Investment Trust