Choice Properties Real Estate Investment Trust to Issue $350 million of Series G and Series H 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 to Issue $350 million of Series G and Series H 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\nChoice Properties Real Estate Investment Trust to Issue $350 million of Series G and Series H Senior Unsecured Debentures\nCanada NewsWire\nTORONTO, March 1, 2016\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./\n\n\n\nTORONTO, March 1, 2016 /CNW/ - Choice Properties Real Estate Investment Trust (\"Choice Properties\" or the \"Trust\") (TSX: CHP.UN) announced today that it has agreed to issue $350 million aggregate principal amount of senior unsecured debentures of the Trust in two series. The offering includes (i) $250 million aggregate principal amount of series G senior unsecured debentures that will bear interest at a rate of 3.196% per annum and will mature on March 7, 2023 and (ii) $100 million aggregate principal amount of series H senior unsecured debentures that will bear interest at a rate of 5.268% per annum and will mature on March 7, 2046 (the \"Debentures\").\n\nThe Debentures are being offered on an agency basis by a syndicate of agents co-led by TD Securities, CIBC Capital Markets, RBC Capital Markets and BMO Capital Markets. Subject to customary closing conditions, the offering is expected to close on March 7, 2016.\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 October 14, 2015. The terms of the offering will be described in a prospectus supplement, dated March 1, 2016, 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 Services. The Debentures will rank equally with all other unsecured indebtedness of the Trust that has...

More updates from Choice Properties Real Estate Investment Trust