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BSR Real Estate Investment Trust Announces US$60 Million Bought Deal Equity Offering
BSR Real Estate Investment Trust Announces US$60 Million Bought Deal Equity Offering ...
About this update from Bsr Real Estate Investment Trust
[{"type":"text","content":"\n \n \n \n BSR Real Estate Investment Trust Announces US$60 Million Bought Deal Equity Offering\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n /NOT FOR DISTRIBUTION TO\n \n UNITED STATES\n \n NEWSWIRE SERVICES\n \n \n OR FOR DISSEMINATION IN\n \n THE UNITED STATES\n \n /\n \n \n \n \n LITTLE ROCK, Ark.\n \n and\n \n TORONTO\n \n ,\n \n Feb. 2, 2021\n \n /CNW/ - BSR Real Estate Investment Trust (\"BSR\" or the \"REIT\") (TSX: HOM.U) (TSX: HOM.UN) announced today that it has entered into an agreement to sell to a syndicate of underwriters led by BMO Capital Markets, CIBC Capital Markets, and RBC Capital Markets (the \"Underwriters\"), on a bought deal basis, 5,480,000 trust units of the REIT (\"Units\") at a price of\n \n US$10.95\n \n per Unit (\"Offering Price\") for gross proceeds to the REIT of approximately\n \n US$60 million\n \n (the \"Public Offering\").\n \n \n In addition, the REIT has also granted the Underwriters an option (the \"Over-Allotment Option\"), exercisable at any time, in whole or in part, for a period of 30 days following the closing of the Public Offering to purchase up to an additional 822,000 Units at the Offering Price, which, if exercised in full, would increase the gross proceeds of the Public Offering to approximately\n \n US$69 million\n \n .\n \n \n BSR intends to use the net proceeds from the Public Offering to repay a portion of amounts outstanding on its credit facility, to fund future acquisitions and for general trust purposes. Upon completion of the Public Offering (and assuming the Over-Allotment Option is exercised in full), BSR expects to have access to approximately\n \n US$155 million\n \n of available liquidity through unrestricted cash and borrowing capacity available under its credit facility.\n \n \n \n John Bailey\n \n , BSR's Chief Executive Officer, commented that \"Our recent acquisition and non-core asset disposition activities clearly demonstrates BSR's commitment and ability to execute on our portfolio enhancement and capital recycling...