Representative Matters
Back to all Representative Matters
Representative Matter

Allied Properties Completes $400-Million Offering of Senior Unsecured Debentures

Sherri M. Altshuler, Melanie Cole, Amy Marcen-Gaudaur, Karlie Nordstrom , Annie (Zi An) Xie, Teddy Nikolaou, Jacob B. Dubelaar and Ethan Eisen

On April 7, 2025, Allied Properties Real Estate Investment Trust (TSX:AP.UN), a leading owner-operator of distinctive urban workspace in Canada’s major cities, completed a private placement of $400-million aggregate principal amount of senior unsecured debentures in two series. The offering included: (i) $150-million aggregate principal amount of series L senior unsecured debentures plus 1.8% per annum, payable quarterly in arrears, and maturing on April 7, 2027, and (ii) $250-million aggregate principal amount of series M senior unsecured debentures bearing interest at a rate of 4.312% per annum, maturing on April 7, 2027.

The debentures were sold on an agency basis by a syndicate of agents co-led by BMO Capital Markets, Scotiabank, RBC Capital Markets and CIBC Capital Markets, and including TD Securities. Allied Properties intends to use the net proceeds of the offering towards the prepayment of its $400-million unsecured term loan maturing on October 22, 2025. 

Aird & Berlis represented Allied Properties with a team that included Sherri Altshuler, Melanie Cole, Amy Marcen-Gaudaur, Karlie Nordstrom, Annie Xie and Teddy Nikolaou (Capital Markets), and Jacob Dubelaar and Ethan Eisen (Real Estate).

Related Areas of Expertise

Representative Matters