Primaris REIT Prices $200M Senior Unsecured Debentures Offering

Primaris Real Estate Investment Trust has priced a private placement of $200 million principal amount of senior unsecured debentures, maturing June 25, 2033. The debentures are being offered across Canada by a group of agents led by Desjardins Capital. The offering will provide Primaris with funding to support its investment activities and strategic growth initiatives.

Primaris Real Estate Investment Trust (OTC: PMREF) has successfully priced a private placement of $200 million in senior unsecured debentures, with a maturity date of June 25, 2033. The offering, led by Desjardins Capital Markets, CIBC Capital Markets, and Scotia Capital Inc., among others, will provide Primaris with critical funding to support its investment activities and strategic growth initiatives.

The debentures, priced at $1,000 each, carry a fixed interest rate of 4.835% per annum, payable in two equal installments on June 25 and December 25, starting from December 25, 2025. The total interest rate, including hedges, is approximately 4.924% per annum. Primaris plans to use the net proceeds from the offering to finance Eligible Green Projects as outlined in its June 2025 Green Finance Framework. The funds may initially be used to repay short-term debt or held in cash.

The closing of the offering is anticipated to occur on or about June 25, 2025. This financing move underscores Primaris' commitment to sustainable investment and its strategic objectives for growth and expansion.

References:
[1] https://seekingalpha.com/news/4461340-primaris-real-estate-investment-trust-prices-200-million-debt-offering-via-issuance-of-debentures