CT Real Estate Investment Trust (CRT-UN.TO) agreed to issue, on a private placement basis in each of the provinces of Canada, $300 million aggregate principal amount of series K senior unsecured debentures with a 5.5-year term and a coupon of 4.357% per annum, it said on Thursday.
CT REIT plans to use the net proceeds of the debenture offering for the repayment of existing indebtedness, including the outstanding $200 million Series D Debentures, which mature on June 1, 2026, to pay down amounts owing under its credit facilities, and to retain the balance of the proceeds for general business purposes.
The debenture offering will be on an agency basis led by RBC Capital Markets and CIBC Capital Markets, and is expected to close on or about May 28, 2026, subject to customary closing conditions.
"It is expected that the Series K Debentures will be rated "BBB" with a stable trend by Morningstar DBRS," added CT REIT. "The Series K Debentures will be direct senior unsecured obligations of CT REIT."