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Morguard REIT closes C$175M bought-deal convertible debentures offering

Morguard Real Estate Investment Trust closed its public, bought-deal offering of C$175 million of 4.50% convertible unsecured subordinated debentures due Dec. 31, 2021.

As part of the transaction, Morguard Corp. purchased C$50 million of the debentures.

The company intends to use some of the proceeds to redeem all of its roughly C$150.0 million of 4.85% convertible unsecured subordinated debentures due Oct. 31, 2017.

The 4.50% debentures may be converted into Morguard REIT trust units at C$20.40 apiece.

RBC Capital Markets and TD Securities co-led the syndicate of underwriters for the offering, which includes BMO Capital Markets, CIBC, Scotiabank, HSBC Securities (Canada) Inc. and National Bank Financial Inc.