Choice Properties Real Estate Investment Trust to Issue $750 million of Series M Senior Unsecured Debentures, and Announces Redemption of $300 million of Debentures Maturing in 2019

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[{"type":"text","content":"\n\n\n\nChoice Properties Real Estate Investment Trust to Issue $750 million of Series M Senior Unsecured Debentures, and Announces Redemption of $300 million of Debentures Maturing in 2019\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 28, 2019\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./\n TORONTO, May 28, 2019 /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\"), $750 million aggregate principal amount of series M senior unsecured debentures of the Trust that will bear interest at a rate of 3.532% per annum and will mature on June 11, 2029 (the \"Debentures\").\nOffering of Debentures\nThe Debentures are being offered on an agency basis by a syndicate of agents co-led by RBC Capital Markets, BMO Capital Markets, TD Securities, CIBC Capital Markets and Scotiabank. Subject to customary closing conditions, the Offering is expected to close on June 11, 2019.\nThe net proceeds of the Offering will be used by the Trust to repay existing indebtedness, including the redemption in full of the $100 million aggregate principal amount of its 2.564% series C senior unsecured debentures due November 30, 2019 (the \"Series C Debentures\") and the $200 million aggregate principal amount of Choice Properties Limited Partnership's (the \"Partnership\") 3.00% series 7 senior unsecured debentures due September 20, 2019 (the \"Series 7 Debentures\"), some of the Trust's unsecured term loans and 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 registered under the U.S....

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