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Morguard Announces $175 Million Offering of 9.5% Series H Senior Unsecured Debentures
Morguard Announces $175 Million Offering of 9.5% Series H Senior Unsecured Debentures C...
About this update from Morguard Corporation
[{"type":"text","content":"\n \n \n \n Morguard Announces $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 \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 \n MISSISSAUGA, ON\n \n \n ,\n \n \n Sept. 21, 2023\n \n \n /CNW/ - Morguard Corporation (\"Morguard\") (TSX: MRC) announced today that it has agreed to issue\n \n $175 million\n \n aggregate principal amount of series H senior unsecured debentures. These debentures will bear interest at a rate of 9.5% per annum and will mature on\n \n September 26, 2026\n \n . The anticipated closing date of the transaction is\n \n September 26, 2023\n \n . The debentures are being offered through a syndicate of underwriters co-led by RBC Capital Markets, TD Securities and Scotiabank, with RBC Capital Markets and TD Securities acting as joint bookrunners. DBRS Morningstar has assigned a provisional 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 is being made on a private placement basis in each of the provinces of\n \n Canada\n \n , and the debentures will be issued pursuant to Morguard's trust indenture dated\n \n December 10, 2013\n \n , as supplemented. The debentures will 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 are being offered and sold in\n \n the United States\n \n to qualified institutional buyers only, pursuant to Rule 144A under the U.S. Securities Act. 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 ...