July 17, 2024

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Primaris REIT Announces Successful $400 Million Unsecured Debenture Offering

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TORONTO — Primaris Real Estate Investment Trust (“Primaris” or the “Trust”) (TSX: PMZ.UN) announced today that it has priced a private placement (the “Offering”) of $400 million aggregate principal amount of senior unsecured debentures (the “Debentures”), consisting of a $100 million aggregate principal amount re-opening of the Series A Debentures maturing March 30, 2027 (the “Additional Series A Debentures”) and a $300 million aggregate principal amount of Series D Debentures maturing June 30, 2029. The Debentures are being offered in each of the provinces of Canada by a syndicate of agents led by Desjardins Capital Markets and TD Securities Inc., which includes Scotia Capital Inc., CIBC World Markets, RBC Dominion Securities Inc., Canaccord Genuity Corp., Raymond James Ltd., Laurentian Bank Securities Inc. and National Bank Financial Inc.

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The Additional Series A Debentures will be issued at a price of $952.30 per $1,000 principal amount (plus accrued and unpaid interest from and including September 30, 2023 to, but excluding November 22, 2023 in the amount of $6.863863 per $1,000 principal amount), with an effective yield to maturity of 6.325% and bear interest at a fixed annual rate of 4.727% per annum, payable in equal semi-annual instalments in arrears on March 30th and September 30th in each year, commencing on March 30, 2024 until maturity, unless redeemed at an earlier date. The Additional Series A Debentures will have the same terms and conditions, and constitute part of the same series, as the $150 million aggregate principal amount of the Series A Debentures issued by the Trust on March 30, 2022 (the “Existing Series A Debentures”), except for their date of issue and price and except that they will not initially be fungible with the Series A Debentures issued on March 30, 2022. The Additional Series A…

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2023-11-20 19:26:15

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