The OMERS Realty Corporation (ORC), the largest of the Oxford Properties Group of Companies (itself the global real estate investment platform for OMERS with over $22 billion of assets under management and quality portfolios in the office, retail, industrial, multi-family and hotel sectors), yesterday launched a minimum $800 million dual-tranche offering comprised of a 5-year and a 10-year fixed rate notes. Following significant investor demand, the transaction was upsized to $1.1 billion with a $600 million 5-year tranche and a $500 million 10-year tranche. ORC is rated AA (low) with a stable trend by DBRS.
Proceeds from the offering will be used to refinance certain indebtedness of ORC, and will close on June 5, 2013.
RBC Dominion Securities Inc. and CIBC World Markets Inc. acted as joint book runners on the transaction.