DBRS Assigns Rating of AA (low) with a Stable Trend to AIMCo Realty Investors LP’s $400 Million 2.712% Senior Unsecured Notes, Series 4

DBRS Limited (DBRS) assigned a rating of AA (low) with a Stable trend to AIMCo Realty Investors LP’s (AIMCo Realty) $400 million 2.712% Senior Unsecured Notes, Series 4 due June 1, 2029 (the Series 4 Notes). The rating listed above is based on the rating of the already-outstanding series of Senior Unsecured Notes.

The Series 4 Notes are direct unsubordinated, unsecured obligations of AIMCo Realty and rank pari passu with all other present and future unsecured, unsubordinated indebtedness of AIMCo Realty, if any. The Series 4 Notes are not guaranteed or secured by AIMCo, Her Majesty the Queen in Right of Alberta, AIMCo’s clients or the limited partners of AIMCo Realty.

DBRS understands that the net proceeds from the offering are being used to repay $278 million of property-level debt, repay the outstanding amounts under AIMCo Realty’s existing senior credit facility and for general corporate purposes.

Notes:
All figures are in Canadian dollars unless otherwise noted.

The principal methodologies are Rating Entities in the Real Estate Industry (April 2019) and DBRS Criteria: Guarantees and Other Forms of Support (January 2019), which can be found on dbrs.com under Methodologies & Criteria.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.

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