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Primaris REIT Announces Successful $200 Million Unsecured Green Debenture Offering
Primaris REIT Announces Successful $200 Million Unsecured Green Debenture Offering Cana...
About this update from Primaris Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\n Primaris REIT Announces Successful $200 Million Unsecured Green Debenture Offering\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 \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n\n\n TORONTO\n \n\n ,\n \n\n June 23, 2025\n \n\n /CNW/ - Primaris Real Estate Investment Trust (\"Primaris\" or the \"Trust\") (TSX: PMZ.UN) announced today that it has priced a private placement (the \"Offering\") of\n \n $200 million\n \n aggregate principal amount of senior unsecured debentures (the \"Debentures\") maturing\n \n June 25, 2033\n \n . The Debentures are being offered in each of the provinces of\n \n Canada\n \n by a syndicate of agents led by Desjardins Capital Markets, CIBC Capital Markets and Scotia Capital Inc. which includes TD Securities Inc., RBC Dominion Securities Inc., National Bank Financial Inc., BMO Capital Markets, Canaccord Genuity Corp. and Raymond James Ltd.\n \n\n\n\n\n\n\n\n\n The Debentures will be issued at a price of\n \n $1,000\n \n per\n \n $1,000\n \n principal amount and bear interest at a fixed annual rate of 4.835% per annum, payable in equal semi-annual instalments in arrears on\n \n June 25\n \n and\n \n December 25\n \n in each year, commencing on\n \n December 25, 2025\n \n until maturity, unless redeemed at an earlier date. Inclusive of bond forward hedges, the Trust's all-in interest rate will be approximately 4.924% per annum. The Debentures will be direct senior unsecured obligations of the Trust and will rank equally and rateably with all other unsecured and unsubordinated indebtedness of the Trust, except to the extent prescribed by law. The Debentures have been assigned a provisional rating by DBRS of BBB (high).\n \n\n Primaris intends to use the net proceeds from the Offering to fund the financing of eligible green projects (\"Eligible Green Projects\") as described in the Trust's\n \n June 2025\n \n Green Finance Framework. Prior to allocation of the net proceeds of the Offering to Eligible Green Projects, the net proceeds may be initially used for repayment of short-term debt, credit facilities, or held in cash or cash equivalents. The closin...