By Cristal Cody
Tupelo, Miss., May 31 - Omers Realty Corp. raised C$1.1 billion in an upsized offering of five- and 10-year debentures in a private placement, according to the company and market sources on Friday.
The company (DBRS: AA) sold C$600 million of series 1 2.498% notes due June 5, 2018 at par to yield a spread of 97 basis points over the Government of Canada benchmark. The five-year notes are redeemable at the Canada bond yield plus 24 bps.
In the second tranche, Omers sold C$500 million of series 2 3.358% notes due June 5, 2023 at par to yield a spread of 128 bps over the government benchmark. The notes may be redeemed at the Canada bond yield plus 32 bps.
RBC Dominion Securities Inc. and CIBC World Markets Inc. were joint bookrunners.
Proceeds will be used to refinance debt.
Toronto-based Omers is the largest of the Oxford Properties Group of Cos., the real estate arm of the Omers Worldwide group of companies.
| Issuer: | Omers Realty Corp.
|
| Amount: | C$1.1 billion
|
| Securities: | Debentures
|
| Bookrunners: | RBC Dominion Securities Inc., CIBC World Markets Inc.
|
| Co-managers: | TD Securities Inc., Merrill Lynch Canada Inc., Scotia Capital Inc.
|
| Pricing date: | May 30
|
| Settlement date: | June 5
|
| Rating: | DBRS: AA
|
| Distribution: | Canada private placement
|
|
|
| Series 1
|
| Amount: | C$600 million
|
| Maturity: | June 5, 2018
|
| Coupon: | 2.498%
|
| Price: | Par
|
| Yield: | 2.498%
|
| Spread: | 97 bps over Government of Canada benchmark
|
| Call feature: | 24 bps plus Canada bond yield
|
|
|
| Series 2
|
| Amount: | C$500 million
|
| Maturity: | June 5, 2023
|
| Coupon: | 3.358%
|
| Price: | Par
|
| Yield: | 3.358%
|
| Spread: | 128 bps over Government of Canada benchmark
|
| Call feature: | 32 bps plus Canada bond yield
|
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