By Cristal Cody
Tupelo, Miss., June 24 – Granite REIT Holdings LP (Baa3//DBRS: BBB) sold C$250 million of 3.788% senior debentures due July 5, 2021 at par, according to parent company Granite Real Estate Investment Trust and an informed source.
The series 2 debentures priced at a spread of 185 basis points over the interpolated Government of Canada bond curve.
RBC Dominion Securities Inc. and BMO Capital Markets Corp. were the lead managers.
The debentures are guaranteed by Granite Real Estate Investment Trust, Granite REIT Inc. and certain subsidiaries of Granite LP.
Proceeds will be used to help redeem C$265 million outstanding of 6.05% debentures due December 2016.
Granite is a Toronto-based real estate investment trust that owns industrial, warehouse and logistics properties in North America and Europe.
| Issuer: | Granite REIT Holdings LP
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| Guarantors: | Granite Real Estate Investment Trust, Granite REIT Inc. and certain subsidiaries of Granite LP
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| Amount: | C$250 million
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| Maturity: | July 5, 2021
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| Securities: | Senior debentures
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| Bookrunners: | RBC Dominion Securities Inc. and BMO Capital Markets Corp.
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| Co-manager: | Scotia Capital Inc.
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| Coupon: | 3.788%
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| Price: | Par
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| Yield: | 3.788%
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| Spread: | 185 bps over interpolated Government of Canada bond curve
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| Pricing date: | June 23
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| Settlement date: | July 3
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| Ratings: Moody’s: Baa3
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| DBRS: BBB
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| Distribution: | Canada
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