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MISSISSAUGA, ON, June 18, 2026 /CNW/ - Morguard Corporation ("Morguard") (TSX: MRC) is pleased to announce the successful completion of its previously announced issuance of $250 million aggregate principal amount of series J senior unsecured debentures. These debentures bear interest at a rate of 4.307% per annum and will mature on June 18, 2029. The debentures were offered on an agency basis by a syndicate of agents with RBC Capital Markets and TD Securities acting as joint bookrunners and co-lead agents. Morningstar DBRS has provided a rating of "BBB (low)" with a "Stable" trend relating to the debentures.

The net proceeds of the offering will be used towards the early redemption on June 22, 2026 of all of Morguard's outstanding 9.5% Series H senior unsecured debentures due September 26, 2026, and for general corporate purposes.

Angela Sahi, President and Chief Executive Officer, commented: "This offering marks an important milestone for Morguard as our first unsecured debenture issuance since regaining an investment grade rating. The strong support we received from institutional investors reflects confidence in the quality of our real estate platform, our disciplined approach to capital allocation and our long-term strategy. We are grateful for the trust placed in Morguard and remain focused on creating long-term value for our shareholders, partners and investors."

Paul Miatello, Chief Financial Officer and Senior Vice President, added: "The offering was exceptionally well received, generating more than $1.3 billion of investor demand and resulting in the largest order book in Morguard's history. This strong market reception enabled us to secure financing at an attractive 4.307% coupon rate, significantly reducing our cost of debt relative to the debentures being redeemed. The transaction further enhances our financial flexibility and demonstrates the tangible benefits of the improvements we have made to our balance sheet and credit profile."

The offering was made on a private placement basis in each of the provinces of Canada, and the debentures were issued pursuant to Morguard's trust indenture dated December 10, 2013, as supplemented. The debentures rank pari passu with Morguard's outstanding senior unsecured debentures.

The debentures offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the debentures in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Morguard Corporation

Morguard Corporation is a major North American real estate and property management company. It has extensive retail, office, hotel and residential holdings owned directly and through its investment in Morguard Real Estate Investment Trust and Morguard North American Residential REIT. Morguard also provides real estate management services to institutional and other investors. Morguard's owned and managed portfolio of assets is valued at $18.7 billion. For more information, visit Morguard's website at www.morguard.com.

Forward-looking information

Certain information in this press release may constitute forward-looking statements, including statements regarding the outlook for Morguard's business and results of operations, that are not based on historical or current fact, including, without limitation, statements containing the words "anticipates," "believes," "may," "continue," "estimate, "should", "expects" and "will" and words of similar expression. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements. Such factors include, among others, the following: general economic and business conditions, both nationally and regionally; changes in business strategy or development/acquisition plans; environmental exposures; financing risk; existing governmental regulations and changes in, or the failure to comply with, governmental regulations; liability and other claims asserted against Morguard; and other factors. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Morguard does not assume the obligation to update or revise any forward-looking statements.

For more information, visit Morguard.com

SOURCE Morguard Corporation