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Choice Properties completes C$550M private placement of senior unsecured debentures

Date Closed

March 1, 2023

Lead Office



550.00 Million CAD

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).