Morguard Announces $135 Million Offering Of 4.099% Series A Senior Unsecured Debentures

Morguard Corporation announced that has agreed to issue, on an agency basis, $135 million aggregate principal amount of series A senior unsecured debentures. These debentures were priced at $100 per $100 principal amount and will bear interest at a rate of 4.099% per annum and will mature on December 10, 2018. 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. The offering is expected to close on or about December 10, 2013. DBRS Limited has provided Morguard with 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 Morguard's operating lines of credit and for general corporate purposes.
The offering is being made pursuant to Morguard's base shelf prospectus dated November 19, 2013. 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.

on December 6, 2013