Allied Properties to redeem C$150 million 3.934% bonds due 2022

By Wendy Van Sickle

Columbus, Ohio, Feb. 5 – Allied Properties Real Estate Investment Trust plans to redeem in full its C$150 million of 3.934% series B senior unsecured debentures due Nov. 14, 2022 with some proceeds of an offering of green senior debentures, according to a news release.

The company priced C$600 million of 1.726% five-year green senior debentures (Baa2//DBRS: BBB) on Friday.

Scotia Capital Inc., BMO Nesbitt Burns Inc. and CIBC World Markets Inc. were the bookrunners.

Proceeds will also be used to repay a first mortgage in the amount of C$150 million, to repay certain amounts drawn on the company’s unsecured credit facility and for general trust purposes. The net proceeds will ultimately be allocated to eligible green projects in accordance with the framework.

Toronto-based Allied Properties is a real estate investment trust that owns, manages and develops office properties in Canada.

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