By Marisa Wong
Los Angeles, Sept. 22 – Morguard Corp. has agreed to issue C$175 million aggregate principal amount of 9˝% series H senior debentures due Sept. 26, 2026 (DBRS Morningstar: BB) on a private placement basis in each of the provinces of Canada, according to a press release.
The Rule 144A and Regulation S 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.
Proceeds of the offering will be used to repay at maturity the company’s C$175 million 4.402% series G senior debentures due Sept. 28, 2023.
The anticipated closing date of the transaction is Sept. 26.
Morguard is a North American real estate and property management company based in Mississauga, Ont.
| Issuer: | Morguard Corp.
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| Amount: | C$175 million
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| Issue: | Series H senior debentures
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| Maturity: | Sept. 26, 2026
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| Bookrunners: | RBC Capital Markets and TD Securities
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| Lead manager: | Scotiabank
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| Coupon: | 9˝%
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| Announcement date: | Sept. 21
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| Settlement date: | Sept. 26
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| Rating: | DBRS Morningstar: BB
|
| Distribution: | Rule 144A, Regulation S, Canadian private placement
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