Morguard Corporation Announces Full Repayment of Series D Senior Unsecured Debentures

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MISSISSAUGA, ON, May 17, 2021 /CNW/ - Morguard Corporation ("Morguard" or the "Company") (TSX: MRC) announced that it has fully repaid the $200 million 4.085% Series D senior unsecured debentures on maturity. Proceeds for repayment of the Series D senior unsecured debentures were generated by Morguard from new mortgage proceeds, with the balance funded from cash on hand and lines of credit.

New mortgage proceeds were realized in the second quarter of 2021 as Morguard completed a second mortgage financing on a multi-suite residential property located in Toronto, Ontario, in the amount of $90 million at an interest rate of 2.22%, for a term of approximately 4 years (maturing at the same time as the first mortgage); and a first mortgage financing on two unencumbered office properties located in Oakville and Ottawa, Ontario, in the amount of $21 million at an interest rate of 2.39%, for a term of 5 years.

About Morguard Corporation

Morguard Corporation is a major North American real estate and property management company. It has extensive retail, office, industrial, 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 $19.2 billion.

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SOURCE Morguard Corporation


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