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May 12, 2016
Allied Properties Real Estate Investment Trust Completes $150 Million Offering Of Series B Senior Unsecured Debentures
On May 12, 2016, Allied Properties Real Estate Investment Trust (“Allied”), a leading owner, manager and developer of urban office environments operating in Canada’s major cities, completed a $150 million public offering of 3.934% series B senior unsecured debentures.
The debentures bear interest at a rate of 3.934% per annum and will mature on November 14, 2022. Allied intends to use the net proceeds from this offering to fund a portion of the purchase price of properties in Montreal previously announced, repay amounts drawn on Allied’s unsecured credit facility used for general capital funding related to capital improvements, acquisitions and intensification projects, and use 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, Daniel Everall, Liam Tracey-Raymont, Barbara Worndl and Mike Smith.