Morguard Announces Completion of $200 Million Offering of 4.333% Series C Senior Unsecured Debentures

Sep 15, 2017

/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/

MISSISSAUGA, ON, Sept. 15, 2017 /CNW/ - Morguard Corporation ("Morguard") (TSX: MRC) announced today that it has completed its previously announced issuance of $200 million aggregate principal amount of series C senior unsecured debentures. These debentures bear interest at a rate of 4.333% per annum and will mature on September 15, 2022. The debentures were offered on an agency basis by a syndicate of agents co-led by RBC Capital Markets and TD Securities Inc., with RBC Capital Markets acting as bookrunner. DBRS Limited has provided a rating of "BBB (low)" with a "Stable" trend relating to the debentures.

The net proceeds of the offering will be used for the repayment of first mortgage indebtedness, indebtedness under operating lines of credit and for general corporate purposes.

The offering was made pursuant to a prospectus supplement dated September 13, 2017 to Morguard's base shelf prospectus dated November 7, 2016.

The debentures offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the debentures in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Morguard Corporation

Morguard Corporation is a major North American real estate company.  It has extensive retail, office, industrial, multi–suite residential, and hotel holdings owned directly, or through its investment in Morguard REIT (TSX: MRT.UN), Morguard North American Residential REIT (TSX: MRG.UN) and Temple Hotels Inc. (TSX:TPH). Morguard also provides real estate management services to institutional and other investors. Morguard's owned and managed portfolio of assets is valued at $21.9 billion.

Forward-looking information

This news release contains forward-looking statements relating to Morguard's operations and the environment in which it operates, which are based on Morguard's expectations, estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, a forward-looking statement speaks only as of the date on which such statement is made. Morguard undertakes no obligation to publicly update any such statement, to reflect new information or the occurrence of future events or circumstances, except as required by law.

For more information, visit Morguard.com

SOURCE Morguard Corporation

For further information: Morguard Corporation, K. Rai Sahi, Chairman and CEO, T 905-281-3800; Paul Miatello, Chief Financial Officer, T 905-281-3800