Choice Properties completes C$550M private placement of senior unsecured debentures
On March 1, 2023, Choice Properties Real Estate Investment Trust ("Choice Properties") completed its C$550 million private placement of series S senior unsecured debentures (the "Debentures") of the Trust that bear interest at a rate of 5.400% per annum and mature on March 1, 2033. Choice properties intends to use the net proceeds to pay its outstanding C$250 million aggregate principal amount of 3.196% series G senior unsecured debentures due March 7, 2023, repay the balance drawn on its credit facility, and for general business purposes.
The Debentures were sold on an agency basis by a syndicate of agents co-led by TD Securities Inc., BMO Capital Markets, RBC Capital Markets, CIBC Capital Markets and Scotiabank.
McCarthy Tétrault advised TD Securities Inc. with a team led by Andrew Parker and Jeremy Pleasant that included Haiya Peng and Ella Hantho (Business).
