Primaris REIT Announces Successful $500 Million Unsecured Debenture Offering
Summary
The Debentures are being offered in each of the provinces of Canada by a syndicate of agents led by Desjardins Capital Markets and TD Securities Inc., which includes CIBC World Markets, Scotia Capital Inc., RBC Dominion Securities Inc., BMO Capital Markets, Canaccord Genuity Corp., National Bank Financial Inc. and Raymond James Ltd.The Series E Debentures will be issued at a price of $999.93 per $1,000 principal amount and bear interest at a fixed annual rate of 4.998% per annum, payable in equal semi-annual instalments in arrears on March 15 th and September 15 th in each year, commencing on March 15, 2025 (long first coupon of $29.64567123 per $1,000 principal amount) until maturity, unless redeemed at an earlier date. The Series F Debentures will be issued at a price equal to $999.93 per $1,000 principal amount and bear interest at a fixed annual rate of 5.304% per annum, payable in equal semi-annual instalments in arrears on March 15 th and September 15 th in each year, commencing on March 15, 2025 (long first coupon of $31.46071235 per $1,000 principal amount) until maturity, unless redeemed at an earlier date. The Debentures have been assigned a provisional rating by DBRS of BBB (high).The net proceeds of the Offering are expected to be used to repay existing indebtedness of $440 million and for general trust purposes. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. Primaris cautions that although it is believed that the assumptions are reasonable in the circumstances, these risks and uncertainties give rise to the possibility that actual results may differ materially from the expectations set out in the forward-looking statements.