By Cristal Cody
Prospect News, March 20 - Artis Real Estate Investment Trust priced an upsized C$125 million of 3.753% five-year debentures at par on Thursday in its first senior unsecured debt offering in Canada, according to the REIT and informed sources.
The REIT sold the series A debentures due March 27, 2019 (DBRS: BBB) at a spread of 200 basis points versus the interpolated Government of Canada bond curve, on the tight end of guidance of 205 bps, plus or minus 5 bps.
The deal was upsized from C$100 million.
RBC Dominion Securities Inc. and BMO Nesbitt Burns Inc. were the bookrunners.
Artis REIT, a Winnipeg, Manitoba-based Canadian real estate investment trust with investments in office, industrial and retail properties, plans to use the proceeds to repay debt and for general trust purposes.
| Issuer: | Artis Real Estate Investment Trust
|
| Amount: | C$125 million
|
| Maturity: | March 27, 2019
|
| Securities: | Debentures
|
| Bookrunners: | RBC Dominion Securities Inc. and BMO Nesbitt Burns Inc.
|
| Co-managers: | CIBC World Markets Inc., Desjardins Securities Inc., National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., Canaccord Genuity Corp. and Raymond James Ltd.
|
| Coupon: | 3.753%
|
| Price: | Par
|
| Yield: | 3.753%
|
| Spread: | 200 bps versus interpolated Government of Canada bond curve
|
| Call feature: | Any time in whole or in part at the greater of the Canada Yield Price and par
|
| Put option: | 101%
|
| Pricing date: | March 20
|
| Settlement date: | March 27
|
| Ratings: | DBRS: BBB
|
| Distribution: | Canada
|
| Price talk: | 105 bps, plus or minus 5 bps
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
