/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE
UNITED STATES/
MISSISSAUGA, ON, Dec. 5, 2013 /CNW/ - Morguard Corporation ("Morguard")
(TSX: MRC) announced today that it 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.
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 major North American real estate and property management
company. It has extensive retail, office, industrial and residential
holdings owned directly and through its investment in Morguard REIT
(TSX: MRT.UN) and Morguard North American Residential REIT (TSX:
MRG.UN). Morguard also provides real estate management services to
institutional and other investors.
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
K. (Rai) Sahi
Chief Executive Officer
(905) 281-3800