Morguard REIT completes C$175 million public offering of convertible debentures

Torys acted as counsel to the underwriters co-led by RBC Capital Markets and TD Securities with a team that included Michael Zackheim, Simon Knowling and Kevin Armitage (corporate/securities), Michael Fortier (environmental), Josh Daniels (real estate), Corrado Cardarelli and Grace Pereira (tax).

On December 30, 2016, Morguard Real Estate Investment Trust (the "REIT") announced that it completed its previously announced public offering, on a bought deal basis, of C$175 million aggregate principal amount of 4.50% convertible unsecured subordinated debentures due December 31, 2021. The debentures are convertible, at the option of the holder, into trust units of Morguard REIT at C$20.40 per trust unit.

The offering was underwritten by a syndicate of underwriters co-led by RBC Capital Markets and TD Securities, and including BMO Capital Markets, CIBC, Scotiabank, HSBC Securities (Canada) Inc. and National Bank Financial Inc. As part of the transaction, Morguard Corporation purchased C$50 million aggregate principal amount of the debentures.

Morguard REIT is a closed-end real estate investment trust, which owns a diversified portfolio of 49 high quality retail, office and industrial income producing properties in Canada consisting of approximately 8.7 million square feet of leaseable space.

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