Choice Properties Real Estate Investment Trust Completes Issuance of $350 Million Series W Senior Unsecured Debentures and $150 Million Series X Senior Unsecured Debentures

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[{"type":"text","content":"Choice Properties Real Estate Investment Trust Completes Issuance of $350 Million Series W Senior Unsecured Debentures and $150 Million Series X Senior Unsecured Debentures\n\n\n\n\n\n\n Not for distribution to U.S. News Wire Services or dissemination in the United States.\n \n\n\n\n Choice Properties Real Estate Investment Trust (“Choice Properties”, the “Trust” or “we”) (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 (i) $350 million aggregate principal amount of series W senior unsecured debentures of the Trust bearing interest at a rate of 4.628% per annum and maturing on August 8, 2035 (the “Series W Debentures”) and (ii) $150 million aggregate principal amount of series X senior unsecured debentures of the Trust bearing interest at a rate of 5.369% per annum and maturing on August 8, 2055 (the “Series X Debentures” and, together with the Series W Debentures, the “Debentures”).\n \n\n The Trust intends to use the net proceeds of the Offering to repay existing indebtedness, including the redemption in full of the Trust’s $200 million aggregate principal amount of 4.055% series F senior unsecured debentures due November 24, 2025 (the “Series F Debentures”) on September 5, 2025, and for general business purposes.\n \n\n Morningstar DBRS has provided the Debentures with a credit rating of “BBB (high)” with a “positive” trend and S&P Global Ratings 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.\n \n\n The Debentures were sold on an agency basis by a syndicate of agents co-led by TD Securities, CIBC Capital Markets, RBC 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 release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of t...

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