500 Georgia places C$225 million green bonds, ClearBridge places $50 million preferred stock

By Lisa Kerner

Charlotte, N.C., July 24 – 500 Georgia Office Partnership, a joint venture between Telus Corp. and Westbank, issued C$225 million of 3.4% 10-year green bonds in a private placement.

Proceeds will be used to retire short-term construction financing for the office tower of the Telus Garden development in downtown Vancouver, B.C.

It is the first time that green mortgage bonds have been used to support real estate financing in North America, according to a news release.

Telus is a Vancouver, B.C.-based telecommunications company.

ClearBridge American Energy MLP Fund Inc. privately placed fixed-rate mandatory redeemable preferred stock totaling $50 million on July 23.

The company sold $10 million of 4.37% series A preferreds and $40 million of 4.55% series B preferreds, according to a news release.

The series A shares must be redeemed by July 23, 2024 and the series B shares must be redeemed by July 23, 2026.

Proceeds will be used to make new portfolio investments and for general corporate purposes.

New York-based ClearBridge is a non-diversified closed-end investment management company advised by Legg Mason Partners Fund Advisor LLC and sub-advised by ClearBridge Investments LLC.

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