TORONTO, Feb. 07, 2019 (GLOBE NEWSWIRE) -- RioCan Real Estate Investment Trust (“RioCan”) (TSX:REI.UN) announced today that it has closed on a $350 million, five-year non-revolving unsecured credit facility with a maturity date of February 7, 2024 and, through an interest rate swap, bears an annual fixed interest rate of 3.339%. The credit facility is with three financial institutions, which include two Schedule I banks and one Schedule III bank. RioCan has fully drawn on the credit facility to repay certain debt and for general trust purposes. Under the terms of the credit agreement, RioCan is required to maintain certain financial covenants similar to those of its revolving unsecured operating line of credit and other non-revolving unsecured credit facilities.

In addition, RioCan has extended the maturity date of its $150 million non-revolving unsecured credit facility from December 27, 2019 to June 27, 2024, fixing the annual interest rate at 3.425% through an interest rate swap. RioCan has also fixed the annual interest rate for $125 million of its other non-revolving unsecured credit facility maturing on January 31, 2023 at 3.38% through an interest rate swap.

These transactions demonstrate the strength of RioCan’s creditworthiness and serve to further strengthen RioCan’s financial flexibility by providing access to additional capital sources, extending the average term to maturity of its total debt, and reducing its floating interest rate debt exposure.

About RioCan
RioCan is one of Canada’s largest real estate investment trusts with a total enterprise value of approximately $13.7 billion at September 30, 2018. RioCan owns, manages and develops retail-focused, increasingly mixed-use properties located in prime, high-density transit-oriented areas where Canadians want to shop, live and work. Our portfolio is comprised of 250 properties, including 17 development properties, with an aggregate net leasable area of approximately 40 million square feet. To learn more about how we deliver real vision on solid ground, visit www.riocan.com.

Contact Information
RioCan Real Estate Investment Trust
Qi Tang
Senior Vice President and Chief Financial Officer
416-866-3033 |  www.riocan.com