Morguard completes C$250 million offering of Series I senior unsecured debentures

Torys acted as counsel to the syndicate of underwriters co-led by RBC Capital Markets and TD Securities with a team that included Michael Zackheim, Michael Murphy and Arron Chahal (corporate/securities), Andrew Wong (tax).

On October 14, 2025, Morguard Corporation ("Morguard") completed its previously announced issuance of C$250 million aggregate principal amount of series I senior unsecured debentures. These debentures bear interest at a rate of 5.00% per annum and will mature on October 14, 2028.

The debentures were offered through a syndicate of underwriters with RBC Capital Markets and TD Securities acting as joint bookrunners and co-lead agents. 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.

Net proceeds of the offering will be used to repay indebtedness under Morguard's operating lines of credit and for general corporate purposes.

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

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 REIT. Morguard also provides real estate management services to institutional and other investors. Morguard's owned and managed portfolio of assets is valued at C$18.7 billion.