RioCan Real Estate Investment Trust announced that it has agreed to issue an additional $150 million principal amount (Additional Debentures) of its 5.470% Series AJ senior unsecured debentures, maturing on March 1, 2030 (Series AJ Debentures). The Additional Debentures will be sold at a price of $100.549 per $100 principal amount, with a re-opening yield of 5.357% and an all-in interest rate for RioCan of 5.273% per annum, inclusive of the benefit of bond forward hedges. The Additional Debentures will have the same terms and conditions and constitute part of the same series as the existing $300 million, Series AJ Debentures issued by the Trust on February 12, 2024, except for their date of issue, price to the public, and initial CUSIP number.

The net proceeds of this offering will be used by the Trust to repay existing indebtedness. The Additional Debentures will initially have a different CUSIP number from the Series AJ Debentures issued on February 12, 2024, but on or about July 29, 2024, the Additional Debentures will form part of a single series with, and have the same CUSIP number as, the Series AJ Debentures issued on February 12, 2024. The Additional Debentures are being offered on an agency basis by a syndicate of agents co-led by TD Securities, BMO Capital Markets, Desjardins Securities Inc., CIBC Capital Markets, RBC Capital Markets and Scotia Capital Inc. Subject to customary closing conditions, the offering is expected to close on March 28, 2024.

The offering is being made on a private placement basis in each of the provinces of Canada, and the Additional Debentures will be issued pursuant to RioCan?s trust indenture dated March 8, 2005, as supplemented. The Additional Debentures will rank equally with all other senior unsecured indebtedness of the Trust.