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DRI Healthcare Trust Announces Refinancing of Preferred Securities
DRI Healthcare Trust Announces Refinancing of Preferred Securities Canada NewsWire ...
About this update from Dri Healthcare Trust
[{"type":"text","content":"\n \n \n \n DRI Healthcare Trust Announces Refinancing of Preferred Securities\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 – Transaction reduces the Trust's potential unit dilution by 8.2% by retiring in-the-money warrants and replacing them with out-of-the-money warrants –\n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n April 15, 2024\n \n \n /CNW/ - DRI Healthcare Trust (TSX: DHT.UN) (TSX: DHT.U) (the \"Trust\") announces the refinancing of its\n \n US$114,760,000\n \n aggregate principal amount of Series A and Series B preferred securities and 6,369,180 in-the-money warrants (collectively, the \"Existing Securities\").\n \n \n \n \n \n \n \n \n \n As a result of the refinancing, holders of the Existing Securities will receive\n \n US$135,202,000\n \n of new Series C preferred securities and 1,749,996 new warrants having an exercise price representing a 20% premium to the five day volume-weighted average price of the Trust's units. The Existing Securities will be canceled upon completion of the refinancing, with holders entitled to receive accrued and unpaid interest on the Series A and Series B preferred securities up to and excluding such date.\n \n \n The reduction in the number of warrants outstanding will reduce the Trust's potential unit dilution upon exercise by 4.6 million units, or 8.2% of current units outstanding.\n \n \n \n Financial Terms\n \n \n \n The Series C preferred securities will be unsecured, subordinated debt securities of the Trust and have a principal amount of\n \n US$135,202,000\n \n . The Series C preferred securities will have substantially the same terms as the Series A preferred securities, but will mature in\n \n April 2074\n \n . The Series C preferred securities will initially pay cash interest at a rate of 7.50% per annum on the principal amount of the Series C preferred securities outstanding, payable semi-annually on\n \n April 30\n \n and\n \n October 31\n \n of each year. The Series C preferred securities will not be redeemable by the Trust ...