/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES
OR DISSEMINATION IN THE UNITED
STATES./
MISSISSAUGA, Jan. 23, 2019 /CNW/ - Morguard Corporation
("Morguard") (TSX: MRC) announced today that it has agreed to
issue $225 million aggregate
principal amount of series E senior unsecured debentures. These
debentures will bear interest at a rate of 4.715% per annum and
will mature on January 25, 2024. The
debentures are being 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. DBRS Limited has assigned a
provisional rating of "BBB (low)" with a "Stable" trend relating to
the debentures.
The net proceeds of the offering will be used for the repayment
of indebtedness under operating lines of credit and for general
corporate purposes.
The offering is being made pursuant to Morguard's base shelf
prospectus dated November 23, 2017.
The terms of the offering will be described in a prospectus
supplement to be filed with the securities regulators in each of
the provinces and territories of Canada, except Quebec.
The debentures offered have not been registered under the U.S.
Securities Act of 1933, as amended, and may not be offered or sold
in the United States absent
registration or an applicable exemption from the registration
requirements. This press release shall not constitute an offer to
sell or the solicitation of an offer to buy nor shall there be any
sale of the debentures in any jurisdiction in which such offer,
solicitation or sale would be unlawful.
About Morguard Corporation
Morguard Corporation is a real estate company, with total assets
owned and under management valued at $21.6
billion. Morguard 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. Morguard also currently owns a 57.6% interest in
Morguard Real Estate Investment Trust, a 46.9% effective interest
in Morguard North American Residential Real Estate Investment Trust
and a 58.7% effective interest in Temple Hotels Inc. Morguard also
provides advisory and management services to institutional and
other investors. For more information, visit Morguard's website at
www.morguard.com.
Forward-looking information
This news release contains forward-looking statements relating
to Morguard's operations and the environment in which it operates,
which are based on Morguard's expectations, estimates, forecasts
and projections. These statements are not guarantees of future
performance and involve risks and uncertainties that are difficult
to control or predict. Therefore, actual outcomes and results may
differ materially from those expressed in these forward-looking
statements. Readers, therefore, should not place undue reliance on
any such forward-looking statements. Further, a forward-looking
statement speaks only as of the date on which such statement is
made. Morguard undertakes no obligation to publicly update any such
statement, to reflect new information or the occurrence of future
events or circumstances, except as required by law.
For more information, visit Morguard.com
SOURCE Morguard Corporation