SmartCentres Real Estate Investment Trust has priced $450 million of senior unsecured debentures through a new $300 million Series AE offering and a $150 million reopening of its existing Series AC debentures.
The new Series AE debentures carry a 4.795% interest rate and mature January 15, 2032.
SmartCentres is also issuing an additional $150 million of its 3.599% Series AC senior unsecured debentures, which mature June 12, 2029.
The original Series AC offering consisted of $250 million in principal amount issued on November 12, 2025.
The additional Series AC securities will be issued at $985.47 for each $1,000 of principal, plus accrued and unpaid interest from June 12, 2026.
They will initially carry a different CUSIP from the existing Series AC securities but are expected to become part of the same series on or around February 15, 2027.
The offering is expected to close around October 14, 2026, subject to customary closing conditions.
Morningstar DBRS has assigned the debentures a provisional BBB credit rating with a stable trend.
Scotiabank, CIBC Capital Markets, Desjardins Securities, RBC Capital Markets and TD Securities are serving as joint bookrunners. National Bank Financial, Mizuho Securities, Beacon Securities and Casgrain & Company are serving as co-managers.
SmartCentres plans to use the net proceeds to refinance existing debt, repay amounts under its revolving credit line, repay mortgages and support general corporate purposes.
