Morguard completes C$225 million offering of 4.715% Series E senior unsecured debentures

Torys acted as counsel to the syndicate of agents co-led by RBC Capital Markets and TD Securities with a team that included Michael Zackheim and Riley Harmon (corporate/securities) and Josh Daniels (real estate).

On January 25, 2019, Morguard Corporation ("Morguard") announced that it completed the previously announced issuance of C$225 million aggregate principal amount of Series E senior unsecured debentures. These debentures bear interest at a rate of 4.715% per annum and mature on January 25, 2024. The debentures were offered on an agency basis by a syndicate of agents with RBC Capital Markets and TD Securities Inc. acting as joint bookrunners and co-lead agents.

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

Morguard is a real estate company, with total assets owned and under management valued at C$21.6 billion. It owns a diversified portfolio of 213 multi-suite residential, retail, office, industrial and hotel properties comprised of 18,481 residential suites, approximately 16.9 million square feet of commercial leasable space and 5,557 hotel rooms.

Further information can be found on Canada Newswire's website.