MI Developments announces pricing of Cdn.$265 million of long-term debentures
December 16 2004 - 4:11PM
PR Newswire (US)
MI Developments announces pricing of Cdn.$265 million of long-term
debentures AURORA, ON, Dec. 16 /PRNewswire-FirstCall/ -- MI
Developments Inc. (TSX: MIM.SV.A, MIM.SV.B; NYSE: MIM) ("MID")
today announced the pricing of its offering of Cdn.$265 million
aggregate principal amount of its 6.05% Senior Unsecured Debentures
Series 1 due December 22, 2016. The debentures are to be issued to
the public at a price of Cdn.$995.70 per Cdn.$1,000 principal
amount. The debentures will be senior unsecured obligations of MID
and will rank equally with all of MID's existing and future senior
unsecured indebtedness. The offering of the debentures is expected
to close on December 22, 2004, subject to customary closing
conditions. The sale of the debentures is the first offering by MID
under a base shelf prospectus dated March 19, 2004 filed with
Canadian regulatory authorities. The offering was led by BMO
Nesbitt Burns Inc., with a syndicate comprised of TD Securities
Inc., Merrill Lynch Canada Inc. and RBC Dominion Securities Inc.
MID intends to use the net proceeds from the offering of the
debentures to fund ongoing construction projects with Magna
International Inc., to fund its obligations under the
recently-announced project financing for the reconstruction of
facilities at Gulfstream Park race track in Florida and The Meadows
race track and slot facility in Pennsylvania, and for general
corporate purposes. The debentures have not been, and will not be,
registered under the U.S. Securities Act of 1933 and, accordingly,
may not be offered or sold in the United States absent registration
under the Securities Act or an applicable exemption from the
registration requirements. This press release is not an offer to
sell the debentures or a solicitation of an offer to purchase the
debentures in the United Sates. About MID MID is a real estate
operating company engaged in the ownership, development,
management, leasing and acquisition of industrial and commercial
real estate properties located in North America and Europe.
Virtually all of its income-producing properties are under lease to
Magna International Inc. and its subsidiaries. MID also holds a
controlling investment in Magna Entertainment Corp., North
America's number one owner and operator of horse racetracks, based
on revenues, and one of the world's leading suppliers, via
simulcasting, of live racing content to the growing inter-track,
off-track and account wagering markets. Forward-Looking Statements
The contents of this press release may contain "forward-looking
statements" within the meaning of Section 27A of the United States
Securities Act of 1933 and Section 21E of the United States
Securities Exchange Act of 1934. Forward-looking statements may
include, among others, statements regarding MID's future plans,
costs, objectives or economic performance, or the assumptions
underlying any of the foregoing. In this press release we use words
such as "may", "would", "could", "will", "likely, "believe",
"expect", "anticipate", "intend", "plan", "forecast", "project",
"estimate" and similar words to identify forward-looking
statements. Forward-looking statements should not be read as
guarantees of future performance or results, and will not
necessarily be accurate indications of whether or the times at or
by which such future performance will be achieved. Forward-looking
statements are based on information available at the time and/or
management's good faith belief with respect to future events and
are subject to known and unknown risks, uncertainties and other
unpredictable factors, many of which are beyond MID's control. MID
expressly disclaims any intention and undertakes no obligation to
update or revise any forward-looking statements to reflect
subsequent information, events or circumstances or otherwise.
DATASOURCE: MI Developments Inc. CONTACT: Doug Tatters, Executive
Vice-President and Chief Financial Officer, at (905) 726-7507
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