Morguard arranges $250-million debenture offering

Executive Summary

• Morguard Corp. announced a $250 million private placement of 5.00% Series I senior unsecured debentures maturing on October 14, 2028.
• The offering is being underwritten by RBC Capital Markets and TD Securities, with a provisional BB (high) rating from DBRS Morningstar.
• Net proceeds will be used to repay existing operating line of credit indebtedness and for general corporate purposes.

Key Details

• Aggregate principal amount: $250 million.
• Interest rate: 5.00% per annum.
• Maturity date: October 14, 2028.
• Anticipated closing date: October 14, 2025.
• Underwriters / Bookrunners: RBC Capital Markets and TD Securities (joint bookrunners and co‑lead agents).
• Rating: Provisional BB (high) with a positive trend assigned by DBRS Morningstar.
• Placement type: Private placement in each Canadian province, issued under Morguard’s trust indenture dated December 10, 2013 (as supplemented).
• Ranking: Debentures rank pari passu with existing senior unsecured debentures of Morguard.
• Use of proceeds: Repayment of indebtedness under operating lines of credit; remainder for general corporate purposes.

Notable Quotes

(No executive quotes were provided in the release.)