Primaris REIT Announces Successful $250 Million Unsecured Green Debenture Offering

Executive Summary

• Primaris REIT successfully priced a private placement of $250 million in senior unsecured debentures maturing in October 2030.
• The debentures carry a fixed interest rate of 3.845% and are rated BBB (high) by DBRS.
• Net proceeds are designated for funding eligible green projects under the Trust's Green Finance Framework, with interim use for debt repayment or cash holding.

Key Details

• Transaction Size: $250 million aggregate principal amount.
• Instrument: Senior unsecured debentures.
• Maturity Date: October 9, 2030.
• Pricing: Issued at $1,000 per $1,000 principal amount.
• Interest Rate: Fixed annual rate of 3.845%, payable semi-annually in arrears on April 9 and October 9, commencing April 9, 2026.
• Rating: Provisional rating of BBB (high) by DBRS.
• Syndicate Agents: Led by Desjardins Capital Markets, CIBC Capital Markets, and Scotiabank; includes TD Securities, RBC Capital Markets, National Bank Capital Markets, BMO Capital Markets, Canaccord Genuity Corp., and Raymond James Ltd.
• Use of Proceeds: Primarily to fund "Eligible Green Projects" as defined in the June 2025 Green Finance Framework. Prior to allocation, proceeds may be used for repayment of short-term debt, credit facilities, or held in cash/cash equivalents.
• Closing Date: Expected on or about October 9, 2025.
• Redemption Clause: If the previously announced acquisition of Promenades St-Bruno is not completed by December 8, 2025, or if the acquisition agreement is terminated prior to that date, the Debentures will be automatically redeemed at 101% of their principal amount plus accrued and unpaid interest.
• Legal Status: Unregistered under the U.S. Securities Act of 1933; not offered or sold in the United States.