/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE
SERVICES OR DISSEMINATION IN THE UNITED
STATES/
MISSISSAUGA, ON, Sept. 28, 2020 /CNW/ - Morguard Corporation
("Morguard") (TSX: MRC) announced today that it has completed
its previously announced issuance of $175
million aggregate principal amount of series G senior
unsecured debentures. These debentures bear interest at a rate of
4.402% per annum and will mature on September 28, 2023. The debentures were offered
on an agency basis by a syndicate of agents with RBC Capital
Markets acting as sole bookrunner and lead agent. DBRS Limited has
provided a rating of "BBB (low)" with a "Negative" trend relating
to the debentures.
The net proceeds of the offering will be used for the repayment
of certain indebtedness incurred in the ordinary course.
The offering was made on a private placement basis in each of
the provinces of Canada, and the
debentures were issued pursuant to Morguard's trust indenture dated
December 10, 2013, as supplemented.
The debentures 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, 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 is a real estate company, with total assets owned and
under management valued at $20.1
billion. As at September 25,
2020, Morguard owns a diversified portfolio of 204
multi-suite residential, retail, office, industrial and hotel
properties comprised of 17,638 residential suites, approximately
16.9 million square feet of commercial leasable space and 5,758
hotel rooms. Morguard also currently owns a 60.0% interest in
Morguard Real Estate Investment Trust and a 44.8% effective
interest in Morguard North American Residential Real Estate
Investment Trust. Morguard also provides advisory and management
services to institutional and other investors. For more
information, visit Morguard's website at www.morguard.com.
Forward-looking information
Statements contained herein that are not based on historical or
current fact, including without limitation statements containing
the words "anticipates," "believes," "may," "continue," "estimate,"
"expects" and "will" and words of similar expression, constitute
"forward-looking statements." 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; financing risk; existing
governmental regulations and changes in, or the failure to comply
with, governmental regulations; liability and other claims
asserted; and other factors. Given these uncertainties, readers are
cautioned not to place undue reliance on such forward-looking
statements. The Publisher does not assume the obligation to update
or revise any forward-looking statements.
For more information, visit Morguard.com
SOURCE Morguard Corporation