REI.PR.C Closes at Small Discount on Light Volume

RioCan Real Estate Investment Trust has announced:

that it has successfully completed its issuance of an aggregate of 5,980,000 Cumulative Rate Reset Preferred Trust Units, Series C (the “Series C Units”) at a price of $25.00 per Series C Unit for aggregate gross proceeds of $149,500,000. The aggregate offering was comprised of the previously announced issuance of 5,200,000 Series C Units at $25.00 per Series C Unit for gross proceeds of $130,000,000, together with the option granted to underwriters, which was exercised in full, for an issuance of an additional 780,000 Series C Units for $25.00 per Series C Unit for additional gross proceeds of $19,500,000. The underwriting syndicate for the offering was co-led by RBC Capital Markets, CIBC and TD Securities Inc.

The offering was made under RioCan’s amended and restated base shelf short form prospectus dated December 21, 2010 amending and restating the base shelf short form prospectus dated July 6, 2010. The terms of the offering are described in a prospectus supplement dated November 21, 2011, which was filed with Canadian securities regulators.

REI.PR.C is an interest-bearing FixedReset, 4.70%+318 announced November 18. The issue size was announced as $130-million and a greenshoe for 19.5-million, which has been fully exercised. The issue will be tracked by HIMIPref™ but is relegated to the Scraps index on credit concerns.

The issue traded 101,982 shares in a range of 24.62-00 today before closing at 24.90-94, 28×1. Vital Statistics are:

REI.PR.C FixedReset YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2041-11-30
Maturity Price : 23.09
Evaluated at bid price : 24.90
Bid-YTW : 4.75 %

One Response to “REI.PR.C Closes at Small Discount on Light Volume”

  1. [...] it turns out, there is: REI.PR.A and REI.PR.C are reported by RioCan to have the following breakdown of their distribution in [...]

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