Triple Five Group Refinances Edmonton Megamall Debt With Bond
- Company priced C$1.2 billion in mortgage bonds via subsidiary
- Proceeds will be used in part to fund 2024 maturities
This article is for subscribers only.
A Canadian family that operates some of the largest malls in North America sold a bond to refinance debt linked to a shopping center in Canada after a weekslong marketing effort, according to people familiar with the matter.
Triple Five Group of Cos., which is owned by the Ghermezian family, priced C$1.2 billion ($890 million) of four-year mortgage bonds to yield 7.791% via a subsidiary, according to data compiled by Bloomberg. The proceeds of the bonds will be used to fund general corporate purposes, including repayment of 4% maturities that are set to come due after 10 years in 2024.