By Wendy Van Sickle
Columbus, Ohio, March 28 – Primaris Real Estate Investment Trust priced C$350 million of senior debentures (DBRS: BBB) in two tranches via a private placement in each of the provinces in Canada, according to a release.
The REIT priced C$150 million of series A 4.727% debentures maturing March 30, 2027 and C$200 million of series B 4.267% debentures maturing March 30, 2025.
The syndicate of agents was led by Scotia Capital Inc., BMO Nesbitt Burns Inc. and CIBC World Markets Inc. Desjardins Securities Inc., RBC Dominion Securities Inc. and TD Securities Inc. also participated.
This was the issuer’s first debenture offering.
Proceeds will be used to repay debt and for general corporate purposes.
Primaris is a Toronto-based REIT specializing in enclosed shopping centers.
| Issuer: | Primaris Real Estate Investment Trust
|
| Issue: | Senior debentures
|
| Amount: | C$350 million
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| Bookrunners: | Scotia Capital Inc., BMO Nesbitt Burns Inc. and CIBC World Markets Inc.
|
| Co-managers: | Desjardins Securities Inc., RBC Dominion Securities Inc. and TD Securities Inc.
|
| Rating: | DBRS: BBB
|
| Pricing date: | March 28
|
| Settlement date: | March 30
|
| Distribution: | Canada
|
|
|
| Series A debentures
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| Amount: | C$150 million
|
| Maturity date: | March 30, 2027
|
| Coupon: | 4.727%
|
|
|
| Series B debentures
|
| Amount: | C$200 million
|
| Maturity date: | March 30, 2025
|
| Coupon: | 4.267%
|
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