Allied Properties Real Estate Investment Trust Completes $150 Million Offering Of Series A Senior Unsecured Debentures
On May 13, 2015, Allied Properties Real Estate Investment Trust (“Allied”), a leading owner, manager and developer of urban office environments operating in Canada’s major cities, completed an offering of $150 million aggregate principal amount of series A senior unsecured debentures.
The Debentures bear interest at a rate of 3.748% per annum and will mature on May 13, 2020. Allied intends to use the net proceeds from this offering: (a) to fund the acquisition of 511-539 King Street West, Toronto; (b) to repay amounts drawn on Allied’s unsecured credit facility used for general capital funding related to Allied’s capital improvements, acquisitions and intensification projects; and (c) the balance for general working capital purposes.
Aird & Berlis LLP represented Allied Properties REIT with a team comprised of Margaret Nelligan, Sherri Altshuler, Anne Miatello, Melanie Cole, Graham Topa and Daniel Everall (Corporate Finance and Securities), Barbara Worndl (Tax) and Mike Smith (Real Estate).