DBRS Assigns Rating of AA (low) with a Stable Trend to AIMCo Realty Investors LP’s Re-Opening of the 2.712% Series 4 Senior Unsecured Notes Due June 1, 2029, for $200 Million

DBRS Limited (DBRS) assigned a rating of AA (low) with a Stable trend to AIMCo Realty Investors LP’s (AIMCo Realty) re-opening of the 2.712% Series 4 Senior Unsecured Notes due June 1, 2029, for $200 million (the Series 4 Notes Re-Opening). The rating of the Series 4 Notes Re-Opening is based on the rating of the already-outstanding series of Senior Unsecured Notes.

The Series 4 Notes Re-Opening 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 Re-Opening are not guaranteed or secured by Alberta Investment Management Corporation (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 of the offering will be used for general corporate purposes, which will include a distribution to the limited partners of AIMCo Realty, where such proceeds are expected to be wholly or partially reinvested in AIMCo Realty prior to December 31, 2019, for investment in real estate assets and other corporates uses. After giving effect to this offering, an aggregate of $600 million of the 2.712% Series 4 Senior Unsecured Notes due June 1, 2029, is outstanding.

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

The principal methodologies are Rating Entities in the Real Estate Industry and DBRS Criteria: Guarantees and Other Forms of Support, 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.

DBRS Limited
DBRS Tower, 181 University Avenue, Suite 700
Toronto, ON M5H 3M7 Canada