RioCan Real Estate Investment Trust Completes Green Bond Offering $500 Million of 5.5-Year Series AD Senior Unsecured Debentures at an Annual Coupon Rate of 1.974%

RioCan Real Estate Investment Trust Completes Green Bond Offering $500 Million of 5.5-Year Series AD Senior Unsecured Debentures at an Annual Coupon Rate of 1.974%


TORONTO, Dec. 14, 2020 (GLOBE NEWSWIRE) — RioCan Real Estate Investment Trust (“RioCan” or the “Trust”) (TSX: REI.UN) today announced that it has closed its previously announced offering of $500 million principal amount of Series AD senior unsecured debentures (the “Debentures”). The Debentures are RioCan’s second Green Bond.

Issued at par, the Debentures carry an annual coupon rate of 1.974% with a five and half-year term, maturing on June 15, 2026. The Debentures were sold on a private placement basis in certain provinces of Canada. The offering was made on an agency basis by a syndicate of agents co-led by TD Securities, RBC Capital Markets, BMO Capital Markets, CIBC Capital Markets and Scotia Capital Inc.

The Series AD Debentures were issued as Green Bonds under the RioCan Green Bond Framework, which Sustainalytics, a global leader in providing ESG research and analysis, reviewed and confirmed in its independent second party opinion as being aligned with the International Capital Markets Association’s Green Bond Principles 2018.  RioCan’s Green Bond Framework and Sustainalytics’ corresponding independent second party opinion are available on the Sustainability page of RioCan’s website,, under “About”.

The net proceeds of this issuance will be used to finance, in whole or in part, expenditures associated with Eligible Green Projects as described in RioCan’s Green Bond Framework. Prior to allocation of the net proceeds of this issuance to Eligible Green Projects, the net proceeds may be initially utilized, in part or in full, for repayments of certain of RioCan’s credit facilities, and ultimately will be allocated to Eligible Green Projects in accordance with RioCan’s Green Bond Framework.

The Debentures are rated BBB (high) with a negative trend by DBRS Limited and BBB with no negative change in outlook to the entity rating given to RioCan by Standard & Poor’s Rating Services.

The Debentures have been issued pursuant to RioCan’s trust indenture dated March 8, 2005, as supplemented. The Debentures rank equally with all other senior unsecured indebtedness of the Trust.

The Debentures have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This News Release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About RioCan
RioCan is one of Canada’s largest real estate investment trusts. RioCan owns, manages and develops retail-focused, increasingly mixed-use properties located in prime, high-density transit-oriented areas where Canadians want to shop, live and work. As at September 30, 2020, our portfolio is comprised of 221 properties with an aggregate net leasable area of approximately 38.4 million square feet (at RioCan’s interest) including office, residential rental and 16 development properties. To learn more about us, please visit

Forward Looking Information
This News Release contains forward-looking information within the meaning of applicable Canadian securities laws. This information reflects RioCan’s objectives, its strategies to achieve those objectives, as well as statements with respect to management’s beliefs, estimates and intentions concerning anticipated future events or expectations that are not historical facts. Forward-looking information generally can be identified by the use of forward-looking terminology such as “outlook”, “objective”, “may”, “will”, “would”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “should”, “plan”, “continue”, or similar expressions suggesting future outcomes or events.

Such forward-looking information reflects management’s current beliefs and is based on information currently available to management. All forward-looking information in this News Release is qualified by these cautionary statements.

Forward-looking information is not a guarantee of future events or performance and, by its nature, is based on RioCan’s current estimates and assumptions, which are subject to numerous risks and uncertainties, including those described in the “Risks and Uncertainties” section in RioCan’s MD&A for the period ended September 30, 2020 and in our most recent Annual Information Form, which could cause actual events or results to differ materially from the forward-looking information contained in this News Release.

Although the forward-looking information contained in this News Release is based upon what management believes are reasonable assumptions, there can be no assurance that actual results will be consistent with this forward-looking information.

The forward-looking statements contained in this News Release are made as of the date hereof, and should not be relied upon as representing RioCan’s views as of any date subsequent to the date of this News Release. Management undertakes no obligation, except as required by applicable law, to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

For further information please contact:
RioCan Real Estate Investment Trust
Qi Tang
Senior Vice President & Chief Financial Officer
(416) 866-3033

Published at Mon, 14 Dec 2020 13:21:42 +0000

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