RioCan Real Estate Investment Trust announced a private placement of 5.47% series AJ senior unsecured non-convertible debentures for gross proceed of CAD 300 million on January 11, 2024. The debentures will be sold at a price of CAD 99.996 per CAD 100 principal amount, with a coupon rate of 5.47% per annum and will mature on March 1, 2030. Inclusive of the benefit of bond forward hedges, the trust?s all in interest rate is 5.452% per annum.

The debentures will rank equally with all other senior unsecured indebtedness. The transaction is subject to customary closing conditions, and is expected to close on February 12, 2024.