Canadian Firms Enter Unsecured Debt Market with $950 Million in Inaugural Offerings

Extendicare Inc. and Nexus Industrial REIT have announced the pricing of their inaugural senior unsecured debt offerings, totaling $950 million in aggregate principal. Extendicare priced its $450 million offering of senior unsecured notes at a rate of 4.345% due in 2031, while Nexus Industrial REIT completed a $500 million private placement across two series maturing in 2029 and 2031. This move marks the first time both Canadian entities have accessed the unsecured bond market, demonstrating strong investor confidence in their credit profiles. The proceeds are expected to be utilized for general corporate purposes and debt refinancing, establishing a new benchmark for their future funding. By entering this market, both TSX-listed entities are successfully diversifying their capital structures and expanding their financing options.