Granite REIT closes debenture financing

Granite REIT Holdings Limited Partnership, a subsidiary of Granite Real Estate Investment Trust, completed an offering of $250 million aggregate principal amount of series 2 senior unsecured debentures due 2021 (the “2021 Debentures”). Granite also announced the redemption in full of the outstanding $265 million 6.05 per cent debentures due 2016 (the “2016 Debentures”).

The 2021 Debentures were sold by way of a prospectus supplement by a syndicate of agents led by RBC Dominion Securities Inc. and BMO Nesbitt Burns Inc. and which included Scotia Capital Inc. and CIBC World Markets Inc. The net proceeds of the offering, together with other available funds, were used to redeem the 2016 Debentures in full on August 5, 2014.

Granite was represented by Jennifer Tindale, Executive Vice President, General Counsel and Secretary of Granite, and Blake, Cassels & Graydon LLP with a team that included Jeff Lloyd, Brendan Reay, Susan Tomaine, Michael Bantey, Ken Prichard and Chris Barker (corporate/securities) and Ron Richler (tax).

The agents were represented by Osler, Hoskin & Harcourt LLP with a team that included Steve Smith, Desmond Lee, Kathryn Houlden and Daniel Fombonne (corporate/securities) and Kim Wharram (tax).