Morguard completes C$175 million issuance of 9.5% senior unsecured debentures

Torys acted as counsel to the syndicate of underwriters co-led by RBC Capital Markets, TD Securities, Scotiabank with a team that included Michael Zackheim, Michael Murphy, Alison Shamie and Grace Mangusso (corporate/securities), Michael Fortier (environmental), Nooreen Bhanji (real estate) and Andrew Wong (tax).

On September 26, 2023, Morguard Corporation ("Morguard") announced that it completed its previously announced issuance of C$175 million aggregate principal amount of Series H senior unsecured debentures on a private placement basis. The 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.

The net proceeds of the offering will be used towards the repayment on maturity of the C$175 million principal amount of Morguard's 4.402% Series G senior unsecured debentures due September 28, 2023.

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

Morguard 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.