By Cristal Cody
Tupelo, Miss., Aug. 9 – Allied Properties Real Estate Investment Trust provided additional details of an upsized C$300 million offering of 10-year senior debentures (Baa3//DBRS: BBB) in final term sheets.
The notes priced at par to yield 3.394%. The offering was upsized from C$225 million.
Scotia Capital Inc., BMO Nesbitt Burns Inc. and CIBC World Markets Inc. were the bookrunners.
Allied Properties REIT plans to use the proceeds to redeem its $225 million principal amount of 3.748% series A senior debentures due May 13, 2020 in full and for general trust purposes.
Toronto-based Allied Properties is a real estate investment trust that owns, manages and develops office properties in Canada.
| Issuer: | Allied Properties REIT
|
| Amount: | C$300 million
|
| Maturity: | Aug. 15, 2029
|
| Securities: | Series D senior debentures
|
| Bookrunners: | Scotia Capital Inc., BMO Nesbitt Burns Inc. and CIBC World Markets Inc.
|
| Co-managers: | Desjardins Securities Inc., National Bank Financial Inc., RBC Dominion Securities Inc. and TD Securities Inc.
|
| Coupon: | 3.394%
|
| Price: | Par
|
| Yield: | 3.394%
|
| Call features: | Make-whole call before May 15, 2029 at price equal to greater of par and Government of Canada bond yield plus 53.5 bps; thereafter at par
|
| Change-of-control put: | 101%
|
| Pricing date: | Aug. 6
|
| Settlement date: | Aug. 15
|
| Ratings: | Moody’s: Baa3
|
| DBRS: BBB
|
| Distribution: | Canada
|
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