RioCan REIT Completes $149.5M Preferred Unit Offering

RioCan Real Estate Investment Trust (“RioCan”) (TSX:REI.UN) 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 comprised 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 Dominion Securities Inc., CIBC World Markets Inc., and TD Securities Inc. and included BMO Nesbitt Burns Inc., Scotia Capital Inc., Macquarie Capital Markets Canada Ltd., National Bank Financial Inc., Canaccord Genuity Corp. and Raymond James Ltd. 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, as supplemented by a prospectus supplement dated November 21, 2011.

Goodmans LLP represented RioCan with a team that included David Matlow, Brenda Gosselin, Keir Hunt (corpo-rate/securities) and Jon Northup, Maureen Berry and Jarrett Freeman (tax). Sébastien Vézina, Michèle Gamache and Jean-François Lauzon of Lavery, de Billy L.L.P. assisted RioCan in Québec.

Torys LLP represented the underwriters with a team that included Christopher Fowles, Ryan Unruch, Mohammed Muraj (corporate/securities); Grace Pereira (tax); Reesha Hosein (employment); Tyson Dyck (environmental) and Bill Lamoureux (real estate).