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Morguard Announces $175 Million Offering of 9.5% Series H Senior Unsecured Debentures - Sep 21, 2023

Morguard Announces $175 Million Offering of 9.5% Series H Senior Unsecured Debentures

Sep 21, 2023

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

MISSISSAUGA, ON, Sept. 21, 2023 /CNW/ - Morguard Corporation ("Morguard") (TSX: MRC) announced today that it has agreed to issue $175 million aggregate principal amount of series H senior unsecured debentures. These debentures will bear interest at a rate of 9.5% per annum and will mature on September 26, 2026. The anticipated closing date of the transaction is September 26, 2023. The debentures are being offered through a syndicate of underwriters co-led by RBC Capital Markets, TD Securities and Scotiabank, with RBC Capital Markets and TD Securities acting as joint bookrunners. DBRS Morningstar has assigned a provisional rating of "BB (high)" with a "Stable" trend relating to the debentures.

The net proceeds of the offering will be used towards the repayment on maturity of the $175 million principal amount of Morguard's 4.402% Series G senior unsecured debentures due September 28, 2023.

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 (the "U.S. Securities Act"), and are being offered and sold in the United States to qualified institutional buyers only, pursuant to Rule 144A under the U.S. Securities Act. The debentures may be sold outside of the United States in accordance with Rule 903 of Regulation S under the U.S. Securities Act. 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 major North American real estate and property management company.  It has extensive retail, office, hotel and residential holdings owned directly and through its investment in Morguard Real Estate Investment Trust and Morguard North American Residential REIT. Morguard also provides real estate management services to institutional and other investors.  Morguard's owned and managed portfolio of assets is valued at $18.6 billion. For more information, visit Morguard's website at www.morguard.com.

Forward-looking information

Certain information in this press release may constitute forward-looking statements, including statements regarding the outlook for Morguard's business and results of operations, that are not based on historical or current fact, including, without limitation, statements containing the words "anticipates," "believes," "may," "continue," "estimate, "should", "expects" and "will" and words of similar expression." 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; tenant bankruptcies or defaults; environmental exposures; financing risk; existing governmental regulations and changes in, or the failure to comply with, governmental regulations; changes in tax rates, regulations or laws and the enforcement thereof; changes in interest and foreign exchange rates; the availability of adequate insurance coverage at a reasonable cost; liability and other claims asserted against Morguard; and other factors. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Morguard does not assume the obligation to update or revise any forward-looking statements.

For more information, visit Morguard.com

SOURCE Morguard Corporation

For further information: Morguard Corporation, K. Rai Sahi, Chairman and CEO, T 905-281-3800; Paul Miatello, CFO and Senior Vice President, T 905-281-3800; Beverley G. Flynn, Senior Vice President and General Counsel, T 905-281-3800


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