Building on its successful new commercial mortgage securitization program, Merrill Lynch Mortgage Loans Inc. (Canada), is expected on Tuesday to price a $220 million, three-tranche CMBS offering securitized by Trans-Canada Pipeline's new world headquarters in Calgary, Alberta, Canada.
Trans-Canada will be the sole occupant of the building. The public sale, which will be off Merrill's shelf filing, will be structured with a $50 million class A-1 due 2009, a $75 million A-2 class due in 2015, and $95 million A-3 class due 2021. All the bonds are rated A2 by Moody's Investors Service.
The Hollis Trust issue is due to close this week, with a final issue size at $905 million, of which $891 million was publicly offered.
