Morguard arranges $250-million debenture offering

Mr. Paul Miatello reports MORGUARD ANNOUNCES $250 MILLION OFFERING OF 5.00% SERIES I SENIOR UNSECURED DEBENTURES Morguard Corp. has agreed to issue $250-million aggregate principal amount of Series I senior unsecured debentures. These debentures will bear interest at a rate of 5.00 per cent per annum and will mature on Oct. 14, 2028. The anticipated closing date of the transaction is Oct. 14, 2025. The debentures are being offered through a syndicate of underwriters with RBC Capital Markets and TD Securities acting as joint bookrunners and co-lead agents. DBRS Morningstar has assigned a provisional rating of BB (high) with a positive trend relating to the debentures. The net proceeds of the offering will be used to repay indebtedness under Morguard's operating lines of credit and for general corporate purposes. The offering is being made on a private placement basis in each of the provinces of Canada, and the debentures will be issued pursuant to Morguard's trust indenture dated Dec. 10, 2013, as supplemented. The debentures will rank pari passu with Morguard's outstanding senior unsecured debentures. About Morguard Corp. Morguard is a major North American real estate and property management company. It has extensive retail, office, hotel and residential holdings owned directly and through its investment in Morguard Real Estate Investment Trust and Morguard North American Residential REIT. Morguard also provides real estate management services to institutional and other investors. Morguard's owned and managed portfolio of assets is valued at $18.7-billion. We seek Safe Harbor.