Morguard North American to hold normal course issuer bid for 6% convertibles

By Wendy Van Sickle

Columbus, Ohio, Jan. 10 – Morguard North American Residential Real Estate Investment Trust has received approval from the Toronto Stock Exchange to hold a normal course issuer bid to purchase up to C$4.9 million principal amount, or 10% of the public float, of its 6% convertible subordinated debentures due March 31, 2028, according to a company news release.

The daily repurchase restriction is C$5,546.

The bid will begin on Jan. 12 and end on Jan. 11, 2025.

The price which the REIT will pay for any such debentures will be the market price at the time of acquisition.

As of Dec. 29, there was C$56 million principal amount the debentures outstanding with an average daily trading volume for the prior six months of C$22,185.

The Mississauga, Ont.-based open-ended REIT owns, through a limited partnership, interests in Canadian residential apartment communities located in Alberta and Ontario and U.S. residential apartment communities located in Colorado, Texas, Louisiana, Illinois, Georgia, Florida, North Carolina, Virginia and Maryland.

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