/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE
SERVICES OR DISSEMINATION IN THE UNITED
STATES/
MISSISSAUGA, ON, Sept. 21,
2023 /CNW/ - Morguard Corporation ("Morguard") (TSX:
MRC) announced today that it has agreed to issue $175 million 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 September 26, 2026. The anticipated closing date
of the transaction is September 26,
2023. 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.
The net proceeds of the offering will be used towards the
repayment on maturity of the $175
million principal amount of Morguard's 4.402% Series G
senior unsecured debentures due September
28, 2023.
The 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.
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 the United
States to qualified institutional buyers only, pursuant to
Rule 144A under the U.S. Securities Act. The debentures may be sold
outside of the United States in
accordance with Rule 903 of Regulation S under the U.S. Securities
Act. 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 and
property management company. It has extensive retail, office,
hotel and residential holdings owned directly and through its
investment in Morguard Real Estate Investment Trust and Morguard
North American Residential REIT. Morguard also provides real estate
management services to institutional and other investors.
Morguard's owned and managed portfolio of assets is valued at
$18.6 billion. For more information,
visit Morguard's website at www.morguard.com.
Forward-looking information
Certain information in this press release may constitute
forward-looking statements, including statements regarding the
outlook for Morguard's business and results of operations, that are
not based on historical or current fact, including, without
limitation, statements containing the words "anticipates,"
"believes," "may," "continue," "estimate, "should", "expects" and
"will" and words of similar expression." Such forward-looking
statements involve known and unknown risks, uncertainties and
other factors that may cause the actual results, events or
developments to be materially different from any future results,
events or developments expressed or implied by such forward-looking
statements. Such factors include, among others, the following:
general economic and business conditions, both nationally and
regionally; changes in business strategy; tenant bankruptcies or
defaults; environmental exposures; financing risk; existing
governmental regulations and changes in, or the failure to comply
with, governmental regulations; changes in tax rates, regulations
or laws and the enforcement thereof; changes in interest and
foreign exchange rates; the availability of adequate insurance
coverage at a reasonable cost; liability and other claims asserted
against Morguard; and other factors. Given these uncertainties,
readers are cautioned not to place undue reliance on such
forward-looking statements. Morguard does not assume the obligation
to update or revise any forward-looking statements.
For more information, visit Morguard.com
SOURCE Morguard Corporation
