RioCan Real Estate Investment Trust announced it has completed a $200 million issuance of Series AQ senior unsecured debentures as part of its financing strategy and debt maturity management plan.
The debentures were sold at a price of $100 per $100 principal amount and carry a coupon rate of 4.308% per year. Interest will be paid semi-annually in arrears, and the notes mature on March 11, 2033.
According to the company, the proceeds from the issuance will primarily be used to repay existing debt as it comes due, with any remaining funds allocated toward general business purposes.
The transaction was conducted on an agency basis through a syndicate of agents co-led by TD Securities, Desjardins Capital Markets, RBC Capital Markets, BMO Capital Markets, CIBC Capital Markets, and Scotia Capital.
Morningstar DBRS assigned the debentures a BBB credit rating and revised the outlook on the rating to Positive from Stable.
The debentures were issued under RioCan’s trust indenture dated March 8, 2005, as supplemented. They rank pari passu with the trust’s other senior unsecured debt obligations.
RioCan said the seven-year issuance aligns with the financing strategy outlined during its Investor Day and supports the company’s goal of maintaining a well-distributed debt maturity profile.
RioCan owns, manages, and develops necessity-based retail properties in densely populated communities across Canada. As of December 31, 2025, the trust’s portfolio included 168 properties with approximately 31 million square feet of net leasable area at its interest.
