Canadian Apartment Properties Real Estate Investment Trust Announces Public Unit Financing of $250MM

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[{"type":"text","content":"\n\n\n\nCanadian Apartment Properties Real Estate Investment Trust Announces Public Unit Financing of $250MM\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.prngen2{\nBORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; VERTICAL-ALIGN: TOP; BORDER-BOTTOM:black 0pt; PADDING-LEFT:0.50em; BORDER-LEFT:black 0pt; PADDING-RIGHT:0.50em\n}\n.prngen3{\nBORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; VERTICAL-ALIGN: BOTTOM; BORDER-BOTTOM:black 0pt; PADDING-LEFT:0.50em; BORDER-LEFT:black 0pt; PADDING-RIGHT:0.50em\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n.prnsbt0{\nBORDER-TOP:0pt\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\n}\n.prnsbl0{\nBORDER-LEFT:0pt\n}\n.prnsbb0{\nBORDER-BOTTOM:0pt\n}\n.prnsbr0{\nBORDER-RIGHT:0pt\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Dec. 11, 2018\n\n\n\n/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES/\n TORONTO, Dec. 11, 2018 /CNW/ - (TSX:CAR.UN) – Canadian Apartment Properties Real Estate Investment Trust (\"CAPREIT\") of Toronto, Ontario announced today that it has agreed to sell, subject to regulatory approval, 5,500,000 units at a price of $45.50 per unit for aggregate gross proceeds of $250,250,000 (the \"Offering\") to a syndicate of underwriters led by RBC Capital Markets on a bought-deal basis. CAPREIT has granted the underwriters an over-allotment option (the \"Over-Allotment Option\"), exercisable in whole or in part up to 30 days after closing of the Offering, to purchase up to an additional 825,000 units to cover over-allotments, if any.\nCAPREIT will, within the next few days, file with the securities commissions and other similar regulatory authorities in each of the provinces and territories of Canada, a preliminary short form prospectus relating to the issuance of the units. Closing of the Offering is expected to take place on or about January 4, 2019.\nCAPREIT intends to use the net proceeds of the Offering:  \ni.\nfirst to partially repay the approximately $570 million currently drawn on CAPREIT's acquisition and operating facility in the amount of approximately $239 million, which was utilized by CAPRE...

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