06:47 AM EST, 01/22/2025 (MT Newswires) -- RioCan Real Estate Investment Trust (REI-UN.TO) overnight Tuesday said it will issue $550 million of senior unsecured debentures in two series.

The offering includes $250 million of Series AN senior unsecured debentures that will bear interest at Daily Compounded CORRA plus 0.85% per annum, payable quarterly in arrears, and will mature on March 1, 2027.

The offering also includes $300 million of Series AO senior unsecured debentures that will be sold at $99.997 per $100 principal amount, carry a coupon of 4.671% per annum and will mature on March 1, 2032. Based on a Daily Compounded CORRA rate of 3.30%, the all-in weighted average interest rate for this offering is 4.43% per annum with a weighted average term to maturity of 4.8 years.

The company expects to use net proceeds to repay existing debt at or prior to maturity, and for general business purposes.

Shares of the company closed down $0.05, or 0.3%, to $18.31 on Tuesday on the Toronto Stock Exchange.