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Morguard Announces Completion of $175 Million Offering of 9.5% Series H Senior Unsecured Debentures
Morguard Announces Completion of $175 Million Offering of 9.5% Series H Senior Unsecured Debentur...
About this update from Morguard Corporation
[{"type":"text","content":"\n \n \n \n Morguard Announces Completion of $175 Million Offering of 9.5% Series H Senior Unsecured Debentures\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n /NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN\n \n THE UNITED STATES\n \n /\n \n \n \n \n MISSISSAUGA, ON\n \n \n ,\n \n \n Sept. 26, 2023\n \n \n /CNW/ - Morguard Corporation (\"Morguard\") (TSX: MRC) announced today that it has completed its previously announced issuance of\n \n $175 million\n \n aggregate principal amount of series H senior unsecured debentures. These debentures bear interest at a rate of 9.5% per annum and will mature on\n \n September 26, 2026\n \n . The debentures were offered through a syndicate of underwriters co-led by RBC Capital Markets, TD Securities and Scotiabank. RBC Capital Markets and TD Securities acted as joint bookrunners. DBRS Morningstar has provided a rating of \"BB (high)\" with a \"Stable\" trend relating to the debentures.\n \n \n The net proceeds of the offering will be used towards the repayment on maturity of the\n \n $175 million\n \n principal amount of Morguard's 4.402% Series G senior unsecured debentures due\n \n September 28, 2023\n \n .\n \n \n The offering was made on a private placement basis in each of the provinces of\n \n Canada\n \n , and the debentures were issued pursuant to Morguard's trust indenture dated\n \n December 10, 2013\n \n , as supplemented. The debentures rank pari passu with Morguard's outstanding senior unsecured debentures.\n \n \n The debentures offered have not been registered under the U.S. Securities Act of 1933, as amended (the \"U.S. Securities Act\"), and may not be offered or sold in\n \n the United States\n \n absent registration or an applicable exemption from the registration requirements. The debentures may be sold outside of\n \n the United States\n \n in accordance with Rule 903 of Regulation S under the U.S. Securities Act. This press release shall not constitute an offer to sell or the solicitation of an offer to buy...