Business
Morguard Announces $175 Million Offering of 4.402% Series G Senior Unsecured Debentures
Morguard Announces $175 Million Offering of 4.402% Series G Senior Unsecured Debentures ...
About this update from Morguard Corporation
[{"type":"text","content":"\n\n\n\nMorguard Announces $175 Million Offering of 4.402% Series G Senior Unsecured Debentures\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\nCanada NewsWire\nMISSISSAUGA, ON, Sept. 14, 2020\n\n\n\nNOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES\n MISSISSAUGA, ON, Sept. 14, 2020 /CNW/ - Morguard Corporation (\"Morguard\") (TSX: MRC) announced today that it has agreed to issue $175 million aggregate principal amount of series G senior unsecured debentures. These debentures will bear interest at a rate of 4.402% per annum and will mature on September 28, 2023. The offering is expected to close on or about September 28, 2020, subject to satisfaction of customary closing conditions. The debentures are being offered on an agency basis by a syndicate of agents with RBC Capital Markets acting as sole bookrunner and lead agent. DBRS Limited has assigned a provisional rating of \"BBB (low)\" with a \"Negative\" trend relating to the debentures.\nThe net proceeds of the offering will be used for the repayment of certain indebtedness incurred in the ordinary course.\nThe offering is being made on a private placement basis in each of the provinces of Canada, and the debentures will be issued pursuant to Morguard's trust indenture dated December 10, 2013, as supplemented. The debentures will rank pari passu with Morguard's outstanding senior unsecured debentures.\nThe debentures offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the debentures in any jurisdiction in which such offer, solicitation or sale would be unlawful.\nAbout Morguard Corporation\nMorguard is a real estate company, with total assets owned and under management valued at $20.1 billion. As at September 11, 2020, Morguard owns a diversified portfoli...