Morguard announces $200M debt offering

News Release

Morguard Announces $200 Million Offering of 4.333% Series C Senior Unsecured Debentures


MISSISSAUGA, ON (September 13, 2017 /CNW/) – Morguard Corporation (“Morguard”) (TSX: MRC) announced today that it has agreed to issue $200 million aggregate principal amount of series C senior unsecured debentures. These debentures will bear interest at a rate of 4.333% per annum and will mature on September 15, 2022. The debentures are being offered on an agency basis by a syndicate of agents co-led by RBC Capital Markets and TD Securities Inc., with RBC Capital Markets acting as bookrunner. DBRS Limited has assigned a provisional rating of “BBB (low)” with a “Stable” trend relating to the debentures.

The net proceeds of the offering will be used for the repayment of first mortgage indebtedness, indebtedness under operating lines of credit and for general corporate purposes.

The offering is being made pursuant to Morguard’s base shelf prospectus dated November 7, 2016. The terms of the offering will be described in a prospectus supplement to be filed with the securities regulators in each of the provinces and territories of Canada, except Quebec.

The 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.

About Morguard Corporation

Morguard Corporation is a major North American real estate company. It has extensive retail, office, industrial, multi–suite residential, and hotel holdings owned directly, or through its investment in Morguard REIT (TSX: MRT.UN), Morguard North American Residential REIT (TSX: MRG.UN) and Temple Hotels Inc. (TSX:TPH). Morguard also provides real estate management services to institutional and other investors. Morguard’s owned and managed portfolio of assets is valued at $21.9 billion.

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For further information, please contact:
Morguard Corporation
K. Rai Sahi, Chairman and CEO T 905-281-3800
Paul Miatello, Chief Financial Officer T 905-281-3800