05:45 AM EDT, 09/24/2024 (MT Newswires) -- RioCan Real Estate Investment Trust (REI-UN.TO) overnight Monday said it will issue $700 million of

senior unsecured debentures in two series -- $500 million of Series AL bearing interest at 4.623% per annum maturing on October 3, 2031 and $200 million of Series AM debentures bearing interest at 4.004% per annum, maturing on March 1, 2028.

RioCan will use part of the proceeds to redeem its $300 million, 6.488% Series AI senior unsecured debentures, on October 4. The total amount payable on the redemption date will be $300 million plus interest of $267,000.

Morningstar DBRS must assign a rating of at least BBB with a stable trend for the debentures before the offering can close.