Allied Properties REIT Launches $500M Green Bond Series
August 3, 2021 @ 10:19 pm By Tony Zerucha
Allied Properties REIT has launched a $500 million series of green bonds. They are being offered by Scotia Capital, BMO Nesbitt Burns and CIBC World Markets. The debentures are Allied’s second green bond issuance under its previously announced Green Financing Framework.
“This second green bond financing is an important step in solidifying our bond market franchise,” president and CEO
Michael Emory said. “It will enable us to do the following: fix our interest cost on $494 million of debt for a term of 10.5 years; increase the weighted average term to maturity of our debt from 5.9 years to 7.3 years; increase the unencumbered portion of our portfolio to 96 per cent; improve our interest coverage ratio from 3.3 to 3.5 times; and maintain our net debt as a multiple of annualized adjusted EBITDA.”