Business
DRI Healthcare Trust Closes Previously Announced Refinancing of Preferred Securities
DRI Healthcare Trust Closes Previously Announced Refinancing of Preferred Securities Ca...
About this update from Dri Healthcare Trust
[{"type":"text","content":"\n \n \n \n DRI Healthcare Trust Closes Previously Announced 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 significantly reduces potential dilution with a net reduction of warrants equivalent to 8.2% of units outstanding –\n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n April 23, 2024\n \n \n /CNW/ - DRI Healthcare Trust (TSX: DHT.UN) (TSX: DHT.U) (the \"Trust\") announces the closing of its previously announced preferred securities refinancing, whereby its\n \n US$114,760,000\n \n aggregate principal amount of Series A and Series B preferred securities and 6,369,180 warrants were exchanged for\n \n US$135,202,000\n \n aggregate principal amount of new Series C preferred securities and 1,749,996 new warrants. The new warrants have an exercise price of\n \n US$15.00\n \n , representing a 20% premium to the five day volume-weighted average price of the Trust's units.\n \n \n \n \n \n \n \n \n \n \"We will continue to seek to optimize our capital structure to lower our cost of capital,\" said\n \n Behzad Khosrowshahi\n \n , Chief Executive Officer of the Trust. \"We have addressed potential dilution concerns by retiring approximately 6.4 million in-the-money warrants and replacing them with approximately 1.7 million out-of-the-money warrants. The transaction did not involve any cash out from the Trust and our fully diluted share count is reduced by 4.6 million, or 8.2% of units outstanding, following the transaction.\"\n \n \n Scotia Capital Inc. acted as exclusive financial advisor to the Trust.\n \n \n \n \n About DRI Healthcare Trust\n \n \n \n \n DRI Healthcare Trust is managed by DRI Capital Inc. (\"DRI Healthcare\"), the pioneer in global pharmaceutical royalty monetization with a 35-year history of accelerating innovation by providing capital to inventors, academic institutions and biopharma companies. Since its founding in 1989, DRI Healthcare has deployed more than\n \n US$3.0 billion\n \n , acquiring more th...