/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE
MISSISSAUGA, ON, Dec. 10, 2013 /CNW/ - Morguard Corporation ("Morguard")
(TSX: MRC) announced today that it has completed its previously
announced issuance of $135 million aggregate principal amount of series
A senior unsecured debentures. These debentures bear interest at a rate
of 4.099% per annum and will mature on December 10, 2018. The
debentures were 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. DBRS Limited has provided Morguard with
a rating of "BBB (low)" with a "Stable" trend relating to the
The net proceeds of the offering are being used for the repayment of
indebtedness under Morguard's operating lines of credit and for general
The offering was made pursuant to a prospectus supplement dated December
5, 2013 to Morguard's base shelf prospectus dated November 19, 2013.
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.
SOURCE: Morguard Corporation
For further information:
K. (Rai) Sahi
Chief Executive Officer
Chief Financial Officer