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    Primaris Real Estate Investment Trust Raises $400 Million Through Private Placement

    Opublikowano przez Adam Nowacki włączony 21 listopada, 2023
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    Primaris Real Estate Investment Trust („Primaris” or the „Trust”) has successfully completed a private placement, raising $400 million through the issuance of senior unsecured debentures. The offering, led by Desjardins Capital Markets and TD Securities Inc., consisted of a re-opening of Series A Debentures maturing in 2027 and Series D Debentures maturing in 2029.

    The Additional Series A Debentures, priced at $952.30 per $1,000 principal amount, offer a compelling effective yield to maturity of 6.325% and pay fixed annual interest of 4.727%. These debentures will have the same terms and conditions as the existing Series A Debentures, with the exception of their issue date and price. They are expected to become fungible with the existing debentures on or around March 23, 2024.

    On the other hand, the Series D Debentures will be issued at a price of $999.88 per $1,000 principal amount and carry a fixed annual interest rate of 6.374%. These debentures will be payable in semi-annual installments and will rank equally alongside other unsecured and unsubordinated indebtedness of the Trust.

    The net proceeds from this private placement will be utilized for various purposes, including the repayment of existing debt, the partial funding of Primaris’ acquisition of Halifax Shopping Centre and the Annex in Halifax, Nova Scotia, and general trust initiatives. The closing of the private placement is anticipated to occur on or about November 22, 2023.

    This private placement offering allows Primaris Real Estate Investment Trust to fortify its financial position and pursue strategic growth opportunities. By raising substantial capital, Primaris is well-positioned to expand its real estate portfolio and generate long-term value for its stakeholders.

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    FAQs

    1. What is a debenture?
    A debenture is a type of bond or debt instrument issued by a company or government entity to raise capital. It represents a loan taken by the issuer and typically pays a fixed rate of interest over a specified period.

    2. What is the purpose of the private placement offering?
    The private placement offering allows Primaris Real Estate Investment Trust to raise funds for repayment of existing debt, funding acquisitions, and general trust purposes.

    3. Who are the agents leading the syndicate for the private placement?
    Desjardins Capital Markets and TD Securities Inc. are leading the syndicate of agents for the private placement offering.

    4. When will the Additional Series A Debentures become fungible with the existing debentures?
    The Additional Series A Debentures are expected to become fungible with the existing debentures on or about March 23, 2024.

    5. Can the debentures be sold in the United States?
    No, the debentures have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States.

    The source of the article is from the blog bitperfect.pe

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