Toronto, Feb. 24, 2025 (GLOBE NEWSWIRE) — Toronto, ON, February 24, 2025 — Teranet Holdings LP (“Teranet”) announced today that it has given a conditional notice of early redemption of the entire principal amount of Teranet’s $550 million 3.544% Series 2020-1 Senior Secured Bonds (the “2020-1 Senior Bonds”) due to mature on June 11, 2025. The redemption price for the 2020-1 Senior Bonds will be calculated in accordance with the applicable indenture.
The redemption of the 2020-1 Senior Bonds is conditional upon the successful closing of a private placement offering of senior secured bonds having an aggregate principal amount of $550 million, consisting of $300 million 4.641% Series 2025-1 Senior Secured Bonds maturing March 7, 2032, and $250 million 5.01% Series 2025-2 Senior Secured Bonds maturing March 7, 2035 (collectively, the “2025 Senior Bonds”). The 2025 Senior Bonds will be secured and rank equally with Teranet’s other senior obligations. The net proceeds from the issuance of the 2025 Senior Bonds will be used to refinance the 2020-1 Senior Bonds.
The offering of the 2025 Senior Bonds is made on an agency basis by a syndicate of agents co-led by RBC Dominion Securities Inc. and CIBC World Markets Inc., and included BMO Nesbitt Burns Inc., TD Securities Inc., Scotia Capital Inc. and National Bank Financial Inc. The 2025 Senior Bonds are expected to be rated BBB (Stable Trend) by DBRS Morningstar, and BBB- by S&P Global Ratings.
The offering of the 2025 Senior Bonds and the redemption of the 2020-1 Senior Bonds are each expected to close on March 7, 2025.
About Teranet
Teranet is Canada’s leader in the delivery and transformation of statutory registry services with extensive expertise in land and commercial registries. It also provides insightful property intelligence and data solutions to thousands of customers in the real estate, financial services, government, utilities, and legal markets. Founded in 1991, Teranet operates the Electronic Registration System for the Province of Ontario, and the Land Titles and Personal Property registries end-to-end for the Province of Manitoba. Teranet has a global footprint through its ownership of Foster Moore, whereby its registry solutions include commercial off-the-shelf registry software that delivers operational cost reductions, enhanced security, and process improvements. Teranet is proud to be recognized as one of Greater Toronto’s Top 100 Employers for nine years in a row (2017 – 2025). Teranet is owned by OMERS, one of Canada’s largest defined benefit pension plans, and is managed by OMERS Infrastructure, which invests globally on behalf of OMERS.
www.teranet.ca
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For more information please contact:
Kerri Brass, Senior Vice-President, Finance and Chief Financial Officer
Tel (416) 570-6723
Notice:
The 2025 Senior Bonds will be offered and sold in Canada on a private placement basis pursuant to certain prospectus exemptions. The 2025 Senior Bonds have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered, sold or delivered in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy any of the 2025 Senior Bonds in the United States or in any other jurisdiction where such offer or solicitation is unlawful. No securities regulatory authority has either approved or disapproved of the contents of this news release.
Caution Regarding Forward-Looking Statements:
Some of the statements contained in this press release may constitute forward-looking statements. Forward-looking statements include the expected use of proceeds, the timing of the redemption of the 2020-1 Senior Bonds and the closing of the issuance of the 2025 Senior Bonds, and the expected rating for the 2025 Senior Bonds. Often, but not always, forward-looking information can be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “believe”, “estimate”, “plan”, “could”, “should”, “would”, “outlook”, “forecast”, “anticipate”, “foresee”, “continue” or the negative of these terms or variations of them or similar terminology. Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management of Teranet made in light of its experience and perception of trends, current conditions and expected developments, as well as other factors that management of Teranet believes to be relevant and reasonable at the date that such statements are made, and is subject to known and unknown risk and uncertainties. These assumptions may not materialize. As a result, actual future results may vary materially from those expressed or implied in the forward-looking information, and Teranet’s business, financial condition and results of operations could be materially and adversely affected by numerous factors, including such known and unknown risks and uncertainties. A variety of factors, many of which are beyond the control of Teranet, may cause actual future results to differ materially from the expectations expressed in the forward-looking statements.
Kerri Brass Teranet Inc. (416) 570-6723 kerri.brass@teranet.ca
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