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Morguard Announces $175 Million Offering of 4.402% Series G Senior Unsecured Debentures

CNW Group - CND - Mon Sep 14, 7:28PM CDT

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

Morguard Corporation ("Morguard") (TSX:MRC.TO) announced today that it has agreed to issue $175 million aggregate principal amount of series G senior unsecured debentures. These debentures will bear interest at a rate of 4.402% per annum and will mature on September 28, 2023. The offering is expected to close on or about September 28, 2020, subject to satisfaction of customary closing conditions. The debentures are being offered on an agency basis by a syndicate of agents with RBC Capital Markets acting as sole bookrunner and lead agent. DBRS Limited has assigned a provisional rating of "BBB (low)" with a "Negative" trend relating to the debentures.

The net proceeds of the offering will be used for the repayment of certain indebtedness incurred in the ordinary course.

The offering is being made on a private placement basis in each of the provinces of Canada, and the debentures will be issued pursuant to Morguard's trust indenture dated December 10, 2013, as supplemented. The debentures will rank pari passu with Morguard's outstanding senior unsecured debentures.

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 is a real estate company, with total assets owned and under management valued at $20.1 billion. As at September 11, 2020, Morguard owns a diversified portfolio of 204 multi-suite residential, retail, office, industrial and hotel properties comprised of 17,638 residential suites, approximately 16.9 million square feet of commercial leasable space and 5,758 hotel rooms. Morguard also currently owns a 59.6% interest in Morguard Real Estate Investment Trust and a 44.8% effective interest in Morguard North American Residential Real Estate Investment Trust. 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

Statements contained herein that are not based on historical or current fact, including without limitation statements containing the words "anticipates," "believes," "may," "continue," "estimate," "expects" and "will" and words of similar expression, constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements. Such factors include, among others, the following: general economic and business conditions, both nationally and regionally; changes in business strategy; financing risk; existing governmental regulations and changes in, or the failure to comply with, governmental regulations; liability and other claims asserted; and other factors. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. The Publisher does not assume the obligation to update or revise any forward-looking statements.

For more information, visit Morguard.com

SOURCE Morguard Corporation

View original content: http://www.newswire.ca/en/releases/archive/September2020/14/c2308.html

SOURCE: Morguard Corporation

Morguard Corporation, K. Rai Sahi, Chairman and CEO, T 905-281-3800; Paul Miatello,
Chief Financial Officer and Senior Vice President, T 905-281-3800
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