RioCan Real Estate Investment Trust Completes Inaugural Green Bond Offering


$350 million of 7-Year Series AC Senior Unsecured Debentures at an Annual Coupon Rate of 2.361%


TORONTO, March 10, 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 $350 million principal amount of Series AC senior unsecured debentures (the “Debentures”). The Debentures are RioCan’s inaugural Green Bond issuance and the first Green Bond issued by a REIT in Canada.

Issued at par, the Debentures carry an annual coupon rate of 2.361% with a seven-year term, maturing on March 10, 2027.  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 and CIBC Capital Markets.

The net proceeds of this offering will be used to fund eligible green projects in accordance with the Trust’s current Green Bond Framework, which Sustainalytics, a global leader in providing ESG research and analysis, reviewed and confirmed 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 report are available on RioCan’s website under “Presentations” at

The Debentures are rated BBB (high) with a stable 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, with a total enterprise value of approximately $15.0 billion as at December 31, 2019. 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 December 31, 2019, our portfolio was comprised of 220 properties with an aggregate net leasable area of approximately 38.4 million square feet (at RioCan's interest) including office, residential rental and 14 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 year ended December 31, 2019 and in its 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. Material factors or assumptions that were applied in drawing a conclusion or making an estimate set out in the forward-looking information may include, but are not limited to, the completion of the offering on the terms and in the timeframe contemplated. 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 contact:

RioCan Real Estate Investment Trust
Qi Tang
Senior Vice President and Chief Financial Officer


Source: RioCan Real Estate Investment Trust

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