07:48 AM EDT, 06/24/2025 (MT Newswires) -- Primaris Real Estate Investment Trust (PMZ-UN.TO) overnight Monday said it priced a private placement of $200 million of senior unsecured debentures maturing June 25, 2033.

The company stated that the debentures will be issued at a price of $1,000 per $1,000 principal amount and will bear a fixed annual interest rate of 4.835% per annum, payable in equal semi-annual instalments in arrears on June 25 and December 25 in each year, starting on December 25 until maturity, unless redeemed at an earlier date.

Including bond forward hedges, the Trust's all-in interest rate will be approximately 4.924% per annum. The company added that the debentures have been assigned a provisional rating by DBRS of BBB (high).

Primaris REIT plans to use the proceeds from the offering to finance eligible green projects. Before being allocated to Eligible Green Projects, the proceeds may be initially used for repayment of short-term debt, credit facilities, or held in cash or cash equivalents.

The closing of the offering is expected on or about June 25.