Choice Properties Real Estate Investment Trust to Issue $500 million of Series P Senior Unsecured Debentures, and Announces Redemption of the $350 million of Debentures Maturing in 2021

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[{"type":"text","content":"\n\n\n\nChoice Properties Real Estate Investment Trust to Issue $500 million of Series P Senior Unsecured Debentures, and Announces Redemption of the $350 million of Debentures Maturing in 2021\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 13, 2020\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./\n TORONTO, May 13, 2020 /CNW/ - Choice Properties Real Estate Investment Trust (\"Choice Properties\" or the \"Trust\") (TSX: CHP.UN) announced today that it has agreed to issue, on a private placement basis in certain provinces of Canada (the \"Offering\"), $500 million aggregate principal amount of series P senior unsecured debentures of the Trust that will bear interest at a rate of 2.848% per annum and will mature on May 21, 2027 (the \"Debentures\").\n\n \n \n \n \n \n \n\n \nOffering of Debentures\nThe Debentures are being offered 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. Subject to customary closing conditions, the Offering is expected to close on May 21, 2020.\nThe Trust intends to use the net proceeds of the Offering to (A) repay existing indebtedness, including the redemption in full of (i) the $100 million aggregate principal amount of its 4.323% series B senior unsecured debentures due January 15, 2021 (the \"Series B Debentures\") and (ii) the $250 million aggregate principal amount of its 3.498% series C senior unsecured debentures due February 8, 2021 (the \"Series C Debentures\"), 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.  \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 not been subordinated.\nThe Debentures being offered have not been...

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