Allied Properties to prepay $310 million bank debt via bond proceeds

By Sarah Lizee

Olympia, Wash., Feb. 21 – Allied Properties Real Estate Investment Trust plans to prepay about $200 million of its unsecured term loan and about $110 million drawn on its unsecured line of credit using proceeds from a new offering of debentures, according to an 8-K filing with the Securities and Exchange Commission.

The company announced Friday that it closed its offering of C$400 million series F senior unsecured debentures.

Proceeds from the offering will also be used to fund the company’s development and value-add initiatives, and for general corporate purposes.

Toronto-based Allied Properties is a real estate investment trust that owns, manages and develops office properties in Canada.

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