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TrizecHahn Raising $1.44 Bil Through Private Placement

NEW YORK CITY-TrizecHahn is raising the money through an offering of commercial mortgage pass-through certificates. The proceeds will be used to retire debt.

By John Howe | Updated on May 02, 2001

NEW YORK CITY-Toronto-based TrizecHahn Corp. is raising $1.44 billion through a private offering to institutional investors of commercial mortgage pass-through certificates. They will be backed by mortgages that secure loans on 28 office buildings in the US that have maturities ranging from five to seven to 10 years. The transaction is expected to price and close in mid-May

Most of the proceeds, $1.12 billion, will be used to repay the firm’s secured indebtedness. This private placement is not being registered under the Securities Act of 1933 and the securities may not be sold in the US without an exemption from the Act.TrizecHahn owns and manages 75 office buildings in the central business districts of seven major US cities that have a total of 49 million sf. The company is now in the process of selling its Canadian and European holdings as well as it non-office assets to focus on its US properties and Global Switch, a telecommunications venture.

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