/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR
DISSEMINATION IN THE UNITED
STATES/
MISSISSAUGA, ON, Nov. 18,
2016 /CNW/ - Morguard Corporation ("Morguard") (TSX:
MRC) announced today that it has completed its previously
announced issuance of $200 million
aggregate principal amount of series B senior unsecured debentures.
These debentures bear interest at a rate of 4.013% per annum and
will mature on November 18, 2020. The
debentures were 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 provided a
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 first mortgage indebtedness, indebtedness under operating lines
of credit and for general corporate purposes.
The offering was made pursuant to a prospectus supplement dated
November 15, 2016 to Morguard's base
shelf prospectus dated November 7,
2016.
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 $19.9
billion. Morguard owns a diversified portfolio of 176
multi-suite residential, retail, office, industrial and hotel
properties comprised of 18,286 residential suites, approximately
16.0 million square feet of commercial leasable space and 1,473
hotel rooms. Morguard also currently owns a 52.5% interest in
Morguard Real Estate Investment Trust (TSX: MRT.UN) and a 48.7%
effective interest in Morguard North American Residential Real
Estate Investment Trust (TSX: MRG.UN). Morguard also provides
advisory and management services to institutional and other
investors. For more information, visit the Company'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.
SOURCE Morguard Corporation