DBRS reviews Omers bonds

DBRS said it placed the ratings of the $210 million Centennial Place 3.666% senior series A secured bonds due 2022 and the $210 million Centennial Place 3.04% senior series B secured bonds due 2017 of Omers Realty Corp. (AA (low), stable) under review with developing implications.

DBRS said the action follows the announcement that Omers sold 50% of its beneficial ownership interest in Centennial Place to Canada Pension Plan Investment Board Real Estate Holdings Inc. (CPPIB). Omers retains 50% legal and beneficial interest in Centennial Place, CPPIB holds an undivided 50% beneficial interest and 9856889 Canada Inc. (985) holds an undivided 50% legal interest (as nominee and bare trustee) for and on behalf of CPPIB.

As a result of the transaction, CPPIB and 985 become co-issuers with Omers. The new co-issuers and Omers will each be liable for 50% of the obligations under the Bonds and the underlying security registered against Centennial Place.

The transaction closed on Sept. 1.

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