Avison Young to start roadshow Monday for $130 million secured notes

By Paul A. Harris

Portland, Ore., Dec. 1 – Avison Young (Canada) Inc. plans to start a roadshow on Monday in New York for a $130 million offering of senior secured notes due 2021, according to a market source.

A New York group luncheon is set to take place on Wednesday.

William Blair is the bookrunner.

The notes are expected to garner a B2 or B3 rating from Moody's Investors Service and a B+ from S&P Global Ratings, the source said.

The notes become callable after two years at par plus 75% of the coupon, with call premiums declining ratably in six-month intervals thereafter.

The Toronto-based commercial real estate firm plans to use the proceeds to refinance existing debt, to repurchase a portion of a minority partner's shares and to fund cash on the balance sheet for growth capital.

The prospective issuer is the largest principal-owned and led commercial real estate services firm in the world, offering a full range of services to occupiers, owners and investors in office, retail, industrial, multi-family, hospitality and other types of commercial real estate, according to the source.

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