Choice Properties Real Estate Investment Trust to Issue $250 million of Series E Senior Unsecured Debentures

About this update from Choice Properties Real Estate Investment Trust

[{"type":"text","content":"\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./ \n\n\n\nTORONTO, Feb. 2, 2015 /CNW/ - Choice Properties Real Estate Investment Trust (\"Choice Properties\" or the \"Trust\") (TSX: CHP.UN) announced today that it has agreed to issue $250 million aggregate principal amount of series E senior unsecured debentures (the \"Debentures\") of the Trust. The Debentures will bear interest at a rate of 2.297% per annum and will mature on September 14, 2020. The Debentures were sold at a price of $100.001 per $100 principal amount, with an effective yield of 2.297% per annum. \n\nThe Debentures are being offered on an agency basis by a syndicate of agents co-led by RBC Capital Markets, CIBC, TD Securities and BMO Capital Markets.  Subject to customary closing conditions, the offering is expected to close on February 5, 2015. \n\nThe net proceeds of the Debentures being offered will be used by the Trust to repay existing indebtedness and for general business purposes. \n\nThe offering is being made under Choice Properties' short form base shelf prospectus dated September 3, 2013. The terms of the offering will be described in a prospectus supplement, dated February 2, 2015, to be filed with Canadian securities regulators in each of the provinces of Canada. \n\nIt is a condition of closing of the offering that the Debentures be rated at least \"BBB\" with a \"stable\" trend by DBRS Limited and at least \"BBB\" by Standard and Poor's Ratings Service. The Debentures will rank equally with all other unsecured indebtedness of the Trust that has not been subordinated. \n\nThe Debentures being 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 the Debentures in any jurisdiction in which such offer, solicitation or sale would be unlawful. \n\nAbout Choice Properties Real Estate Investment TrustChoice Properties Real Estate Investment Trust is an owner, manager and developer of well-located retail and commercial real estate across Canada. Choice Properties' portfolio spans approximately 38.9 million square...

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