Allied Down 2% As Announces Pricing of $600 Million Green Bond Offering
03:37 PM EST, 02/05/2021 (MT Newswires) -- Allied Properties Real Estate Investment Trust (TSX:AP.UN) announced pricing Friday for $600-million worth of series H senior unsecured debentures.
The Toronto-based owner of office buildings across Canada said the debentures will bear interest at a rate of 1.726% per annum and will mature on February 12, 2026. The debt is being offered on an agency basis by a syndicate led by Scotia Capital Inc., BMO Nesbitt Burns Inc. and CIBC World Markets Inc. The offering is expected to close on or about Feb 12, 2021.
Allied intends to allocate the net proceeds of the offering to fund the financing and/or refinancing of eligible green projects as described in the company's Green Financing Framework. First, however, Allied said it will spend some proceeds to redeem in full the $150 million aggregate principal amount of 3.934% series B senior unsecured debentures due Nov 14, 2022.
As of 3:21pm ET, Allied's TSX-listed shares were down by $0.73 or 1.93% to $37.18 per share.