Morguard Announces Completion of $135 Million Offering of 4.099% Series A Senior Unsecured Debentures

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

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 debentures.

The net proceeds of the offering are being used for the repayment of indebtedness under Morguard's operating lines of credit and for general corporate purposes.

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
(905) 281-3800

Paul Miatello 
Chief Financial Officer 
(905) 281-3800


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