/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE
SERVICES OR DISSEMINATION IN THE
UNITED STATES/
MISSISSAUGA, ON, Sept. 26,
2023 /CNW/ - Morguard Corporation ("Morguard") (TSX:
MRC) announced today that it has completed its previously
announced issuance of $175 million
aggregate principal amount of series H senior unsecured debentures.
These debentures bear interest at a rate of 9.5% per annum and will
mature on September 26, 2026. The
debentures were offered through a syndicate of underwriters co-led
by RBC Capital Markets, TD Securities and Scotiabank. RBC Capital
Markets and TD Securities acted as joint bookrunners. DBRS
Morningstar has provided a 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 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 (the "U.S. Securities Act"), and
may not be offered or sold in the United
States absent registration or an applicable exemption from
the registration requirements. 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 Real Estate Investment Trust. 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