Morguard REIT to early redeem 4.5% convertibles on Dec. 17

By Wendy Van Sickle

Columbus, Ohio, Nov. 17 – Morguard Real Estate Investment Trust plans to redeem its 4.5% convertible subordinated debentures, which mature on Dec. 31, 2021, two weeks early on Dec. 17, according to a news release.

The convertibles were issued on Dec. 9, 2016 and will be redeemed using proceeds of an offering of C$150 million 5.25% five-year convertible notes and existing liquidity.

The redemption price will be par plus accrued interest.

Computershare Trust Co. is the trustee.

Morguard North American is a Mississauga, Ont.-based open-end real estate investment trust that owns interests in residential apartment communities in Canada and the United States.

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