By Wendy Van Sickle
Columbus, Ohio, Nov. 20 – Primaris Real Estate Investment Trust priced C$400 million of senior debentures (DBRS: BBBH) in two tranches, including one add-on, via a private placement in each of the provinces in Canada on Monday, according to a news release.
The REIT priced C$100 million of additional series A 4.727% debentures maturing March 30, 2027 at 95.23 to yield 6.325%. The notes will form a singles series with the C$150 million of series A 4.727% notes the company issued on March 30, 2022.
The company also priced C$300 million of series D 6.374% debentures maturing June 30, 2029.
The syndicate of agents was led by Desjardins Capital Markets and TD Securities Inc.
Proceeds will be used to repay debt, to partially fund the trust’s previously announced acquisition of Halifax Shopping Centre and the Annex in Halifax, N.S., and for general trust purposes.
Primaris is a Toronto-based REIT specializing in enclosed shopping centers.
| Issuer: | Primaris Real Estate Investment Trust
|
| Amount: | C$400 million
|
| Issue: | Senior debentures
|
| Bookrunners: | Desjardins Capital Markets and TD Securities Inc.
|
| Co-managers: | Scotia Capital Inc., CIBC World Markets, RBC Dominion Securities Inc., Canaccord Genuity Corp., Raymond James Ltd., Laurentian Bank Securities Inc. and National Bank Financial Inc.
|
| Pricing date: | Nov. 20
|
| Settlement date: | Nov. 22
|
| Rating: | DBRS: BBB (high)
|
| Distribution: | Canada
|
|
|
| Series A add-on
|
| Amount: | C$100 million
|
| Maturity: | March 30, 2027
|
| Coupon: | 4.727%
|
| Price: | 95.23
|
| Yield: | 6.325%
|
| Previous issuance: | C$150 million on March 30, 2022
|
|
|
| Series D debentures
|
| Amount: | C$300 million
|
| Maturity: | June 30, 2029
|
| Coupon: | 6.374%
|
| Price: | 99.988
|
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