Choice Properties Real Estate Investment Trust Completes $395 million Bought Deal Equity Financing

About this update from Choice Properties Real Estate Investment Trust

[{"type":"text","content":"\n\n\n\nChoice Properties Real Estate Investment Trust Completes $395 million Bought Deal Equity Financing\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\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, May 9, 2019\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./\n TORONTO, May 9, 2019 /CNW/ - Choice Properties Real Estate Investment Trust (\"Choice Properties\" or the \"Trust\") (TSX: CHP.UN) announced today that it has closed its previously announced public bought deal equity offering of 30,042,250 trust units (the \"Units\") at a price of $13.15 per Unit (the \"Offer Price\"), for aggregate gross proceeds of approximately $395 million (the \"Offering\"). The Offering consisted of 26,237,250 Units sold on a bought basis to a syndicate of underwriters co-led by TD Securities Inc., RBC Capital Markets, BMO Capital Markets and CIBC Capital Markets (the \"Underwriters\") and 3,805,000 Units purchased by George Weston Limited (TSX: WN), Choice Properties' largest unitholder, pursuant to its pre-emptive rights for approximately $50 million at the Offer Price. The closing included 3,422,250 Units issued as a result of the exercise in full of the Underwriters' over-allotment option.\nThe Offering was made under Choice Properties' short form base shelf prospectus dated January 9, 2018. The terms of the Offering are described in a prospectus supplement dated May 2, 2019, which was filed with securities regulators in each of the provinces of Canada.\nThe net proceeds of the Offering will be used by the Trust to repay debt, thereby creating additional borrowing capacity to fund its previously announced residential development program, and for other business purposes.\nThe Units offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the Units in any jurisdiction in...

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