Choice Properties Real Estate Investment Trust to Issue $650 million of Series I and Series J Senior Unsecured Debentures

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[{"type":"text","content":"\n\n\n\nChoice Properties Real Estate Investment Trust to Issue $650 million of Series I and Series J 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\n\nCanada NewsWire\nTORONTO, Jan. 10, 2018\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./\n\n\n\nTORONTO, Jan. 10, 2018 /CNW/ - Choice Properties Real Estate Investment Trust (\"Choice Properties\" or the \"Trust\") (TSX: CHP.UN) announced today that it has agreed to issue $650 million aggregate principal amount of senior unsecured debentures of the Trust in two series. The offering includes (i) $300 million aggregate principal amount of series I senior unsecured debentures that will bear interest at a rate of 3.01 % per annum and will mature on March 21, 2022 and (ii) $350 million aggregate principal amount of series J senior unsecured debentures that will bear interest at a rate of 3.546 % per annum and will mature on January 10, 2025 (collectively, the \"Debentures\").\n\nThe Debentures are being offered on an agency basis by a syndicate of agents co-led by RBC Capital Markets, TD Securities, CIBC Capital Markets and BMO Capital Markets. Subject to customary closing conditions, the offering is expected to close on January 12, 2018.\n\nThe net proceeds of the Debentures being offered will be used by the Trust to repay existing indebtedness, including an intention to redeem in full the $400 million aggregate principal amount of its 3.554% series A senior unsecured debentures due July 5, 2018, and for general business purposes.\n\nThe offering is being made under Choice Properties' short form base shelf prospectus dated January 9, 2018. The terms of the offering will be described in a prospectus supplement, dated January 10, 2018, 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 \"Positive\" trend by DBRS Limited and at least \"BBB\" by Standard and Poor's Ratings Services. The Debentures will rank equally with...

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