By Paul A. Harris
St. Louis, Dec. 16 - MI Developments Inc. sold C$265 million of 12-year 6.05% senior unsecured debentures at 99.57, the company said in a news release Thursday.
The yield on the debentures is calculated to be 6.10%.
BMO Nesbitt Burns ran the books for the registered issue. The co-managers were TD Securities, Merrill Lynch Canada and RBC Dominion Securities.
Proceeds will be used to fund ongoing construction projects with Magna International Inc., to fund the company's obligations under the recently announced project financing for the reconstruction of facilities at Gulfstream Park race track in Florida and The Meadows race track and slot facility in Pennsylvania, and for general corporate purposes.
The issuer is an Aurora, Ont.-based real estate company that owns and manages industrial and commercial real estate in North America and Europe.
| Issuer: | MI Developments Inc.
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| Amount: | C$265 million
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| Maturity: | Dec. 22, 2016
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| Security description: | Senior unsecured debentures
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| Bookrunner: | BMO Nesbitt Burns
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| Co-managers: | TD Securities, Merrill Lynch Canada Inc., RBC Dominion Securities Inc.
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| Coupon: | 6.05%
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| Price: | 99.57
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| Yield: | 6.10%
|
| Settlement date: | Dec. 22
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