By Cristal Cody
Eureka Springs, Ark., Nov. 15 – Morguard Corp. sold C$200 million of 4.013% four-year series B senior debentures (DBRS: BBB) at par to yield a spread of 315 basis points over the interpolated Government of Canada bond curve on Tuesday, according to a market source and a company news release.
TD Securities Inc. and RBC Dominion Securities Inc. were the bookrunners.
Proceeds will be used to repay first mortgage debt and debt under operating lines of credit and for general corporate purposes.
Morguard is a real estate investment company based in Mississauga, Ont.
| Issuer: | Morguard Corp.
|
| Amount: | C$200 million
|
| Maturity: | Nov. 18, 2020
|
| Securities: | Series B senior debentures
|
| Bookrunners: | TD Securities Inc. and RBC Dominion Securities Inc.
|
| Coupon: | 4.013%
|
| Price: | Par
|
| Yield: | 4.013%
|
| Spread: | 315 bps over interpolated Government of Canada bond curve
|
| Pricing date: | Nov. 15
|
| Settlement date: | Nov. 18
|
| Rating: | DBRS: BBB
|
| Distribution: | Canada
|
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