Business
Morguard Announces $135 Million Offering Of 4.099% Series A Senior Unsecured Debentures
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES / ...
About this update from Morguard Corporation
[{"type":"text","content":"\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE\n UNITED STATES/\n\n\nMISSISSAUGA, ON, Dec. 5, 2013 /CNW/ - Morguard Corporation (\"Morguard\")\n (TSX: MRC) announced today that it has agreed to issue, on an agency\n basis, $135 million aggregate principal amount of series A senior\n unsecured debentures. These debentures were priced at $100 per $100\n principal amount and will bear interest at a rate of 4.099% per annum\n and will mature on December 10, 2018. The debentures are being offered\n on an agency basis by a syndicate of agents with RBC Capital Markets\n and TD Securities Inc. acting as joint bookrunners and co-lead\n agents. The offering is expected to close on or about December 10,\n 2013. DBRS Limited has provided Morguard with a provisional rating of\n \"BBB (low)\" with a \"Stable\" trend relating to the debentures.\n\n\nThe net proceeds of the offering will be used for the repayment of\n indebtedness under Morguard's operating lines of credit and for general\n corporate purposes.\n\n\nThe offering is being made pursuant to Morguard's base shelf prospectus\n dated November 19, 2013. The terms of the offering will be described in\n a prospectus supplement to be filed with the securities regulators in\n each of the provinces and territories of Canada, except Quebec.\n\n\nThe debentures offered have not been registered under the U.S.\n Securities Act of 1933, as amended, and may not be offered or sold in\n the United States absent registration or an applicable exemption from\n the registration requirements. This press release shall not constitute\n an offer to sell or the solicitation of an offer to buy nor shall there\n be any sale of the debentures in any jurisdiction in which such offer,\n solicitation or sale would be unlawful.\n\n\nAbout Morguard Corporation\n\n\nMorguard is a major North American real estate and property management\n company.  It has extensive retail, office, industrial and residential\n holdings owned directly and through its investment in Morguard REIT\n (TSX: MRT.UN) and Morguard North American Residential REIT (TSX:\n MRG.UN). Morguard also provides real estate management services to\n institutional and other investors.\n\n\nForward-looking information\n\n\nThis news release contains forward-looking statements relating to\n Morgua...