Mr. K. Rai Sahi reports
MORGUARD ANNOUNCES $175 MILLION OFFERING OF 9.5% SERIES H SENIOR UNSECURED DEBENTURES
Morguard Corp. has agreed to issue $175-million aggregate principal amount of Series H senior unsecured debentures. These debentures will bear interest at a rate of 9.5 per cent per annum and will mature on Sept. 26, 2026. The anticipated closing date of the transaction is Sept. 26, 2023. The debentures are being offered through a syndicate of underwriters co-led by RBC Capital Markets, TD Securities and Scotiabank, with RBC Capital Markets and TD Securities acting as joint bookrunners. DBRS Morningstar has assigned a provisional rating of BB (high) with a stable trend relating to the debentures.
The net proceeds of the offering will be used toward the repayment on maturity of the $175-million principal amount of Morguard's 4.402 per cent Series G senior unsecured debentures due Sept. 28, 2023.
The offering is being made on a private placement basis in each of the provinces of Canada, and the debentures will be issued pursuant to Morguard's trust indenture dated Dec. 10, 2013, as supplemented. The debentures will rank pari passu with Morguard's outstanding senior unsecured debentures.
About Morguard Corp.
Morguard is a major North American real estate and property management company. It has extensive retail, office, hotel and residential holdings owned directly and through its investment in Morguard Real Estate Investment Trust and Morguard North American Residential REIT. Morguard also provides real estate management services to institutional and other investors. Morguard's owned and managed portfolio of assets is valued at $18.6-billion.
We seek Safe Harbor.
© 2024 Canjex Publishing Ltd. All rights reserved.