By Cristal Cody
Tupelo, Miss., April 18 – Allied Properties REIT priced C$200 million of 3.636% eight-year senior debentures on Tuesday at par to yield a spread of 230 basis points over the interpolated Government of Canada bond curve, or 229 bps versus the government benchmark, according to a news release and company chief financial officer Cecilia Williams.
The series C debentures (DBRS: BBB) are due April 21, 2025.
BMO Nesbitt Burns Inc. and Scotia Capital Inc. were the bookrunners.
Allied Properties REIT plans to use the proceeds to repay amounts drawn on an unsecured revolving operating facility and for general working capital purposes.
Toronto-based Allied Properties is a real estate investment trust that owns, manages and develops office properties in Canada.
| Issuer: | Allied Properties REIT
|
| Amount: | C$200 million
|
| Maturity: | April 21, 2025
|
| Securities: | Senior debentures
|
| Bookrunners: | BMO Nesbitt Burns Inc. and Scotia Capital Inc.
|
| Coupon: | 3.636%
|
| Price: | Par
|
| Yield: | 3.636%
|
| Spread: | 230 bps over interpolated Government of Canada bond curve, or 229 bps versus benchmark
|
| Pricing date: | April 18
|
| Settlement date: | April 21
|
| Rating: | DBRS: BBB
|
| Distribution: | Canada
|
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