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REI.UN - RioCan Real Estate Investment Trust News Story

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Last Trade - 20/01/22

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Market Cap £4.18bn
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RioCan Real Estate Investment Trust Completes Green Bond Offering of $450 Million 7-Year Series, AE Senior Unsecured Debentures at an Annual Coupon Rate of 2.829%

Mon 8th November, 2021 1:05pm
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STATES

TORONTO, Nov. 08, 2021 (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 $450 million principal amount of
Series AE senior unsecured debentures (the “Debentures”). The Debentures
are RioCan’s third Green Bond.

Issued at par, the Debentures carry an annual coupon rate of 2.829% with a
seven-year term, maturing on November 8, 2028. 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 AE 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 RioCan’s website on the Corporate Responsibility page under
Reports and Disclosures
(https://riocan.com/English/corporate-responsibility/reports-and-disclosures/default.aspx).

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 a negative 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 June 30, 2021, our portfolio is comprised of 214
properties with an aggregate net leasable area of approximately 37.2 million
square feet (at RioCan's interest) including office, residential rental and 15
development properties. To learn more about us, please visit www.riocan.com.

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 June 30, 2021 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.


Contact Information:
RioCan Real Estate Investment Trust
Dennis Blasutti
Chief Financial Officer
(416) 866-3033

(https://www.globenewswire.com/NewsRoom/AttachmentNg/49a6a37a-66f2-498d-be0a-a0325f69b76b)



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