By Susanna Moon
Chicago, Aug. 29 - NorthWest International Healthcare Properties Real Estate Investment Trust said it sold C$17.5 million 7.5% five-year convertible unsecured subordinated debentures on a bought deal basis.
The syndicate of underwriters is led by National Bank Financial Inc. and GMP Securities LP as the joint bookrunners, according to a company press release.
The deal includes a 30-day over-allotment option for up to C$2,625,000 principal amount more of debentures.
Holders may convert each $1,000 principal amount of notes into 416.6667 units of the REIT at any time, for a conversion price of C$2.40 per unit. The conversion price reflects a 33.33% premium over the company's closing price on Aug. 28.
Proceeds will be used to fund future acquisitions, for repayment of debt and for general trust purposes.
The Toronto-based REIT is an unincorporated, open-ended real estate investment trust.
| Issuer: | NorthWest International Healthcare Properties Real Estate Investment Trust
|
| Issue: | Convertible debentures
|
| Amount: | C$17.5 million
|
| Greenshoe: | C$2,625,000
|
| Maturity: | Sept. 30, 2018
|
| Bookrunners: | National Bank Financial Inc. and GMP Securities LP
|
| Underwriters: | Canaccord Genuity Corp., Scotiabank, Desjardins Securities Inc., Dundee Securities Ltd. and Macquarie Capital Markets Canada Ltd.
|
| Coupon: | 7.5%
|
| Conversion premium: | 33.33%
|
| Conversion price: | C$2.40
|
| Conversion ratio: | Into 416.6667 units
|
| Settlement date: | Aug. 29
|
| Stock listing: | Toronto: MOB.UN
|
| Stock reference: | C$1.80 at close Aug. 28
|
| Market capitalization: | C$81.88 million
|
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