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Killam Apartment REIT Announces $100.5 million Public Offering of Trust Units
Killam Apartment REIT Announces $100.5 million Public Offering of Trust Units Cana...
About this update from Killam Apartment Reit
[{"type":"text","content":"\n\n\n\n\nKillam Apartment REIT Announces $100.5 million Public Offering of Trust Units\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\nHALIFAX, Oct. 15, 2019\n\n\n\n/NOT FOR DISTRIBUTION TO THE UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n HALIFAX, Oct. 15, 2019 /CNW/ - Killam Apartment REIT (\"Killam\") (TSX:KMP.UN) is pleased to announce that it has reached an agreement with a syndicate of underwriters led by RBC Capital Markets to issue to the public, subject to regulatory approval, on a bought deal basis, 5,050,000 trust units (the \"Units\") for $19.90 per Unit for gross proceeds of $100,495,000 (the \"Offering\").\nKillam has granted the Underwriters an over-allotment option for the purposes of covering the Underwriters' over-allocation position for an additional 757,500 Units, exercisable up to 30 days after closing of the Offering. \nKillam intends to use the net proceeds from the Offering to fully repay its credit facility (current outstanding balance of approximately $41.0 million), to fund future acquisitions and developments and for general trust purposes.\nKillam continues to enjoy a robust pipeline of potential future acquisitions, with a focus on accretively expanding the REIT's portfolio and diversifying geographically with an emphasis on newer properties. Killam currently has five properties under contract under various stages of due diligence, representing in excess of $50 million of potential acquisitions. While efforts will be made to complete these acquisitions, no assurance can be given that all five potential purchases will be completed.\nKillam will, within the next few days, file with the securities commissions and other similar regulatory authorities in each of the provinces of Canada, excluding Quebec, a preliminary short form prospectus relating to the issuance of the Units. Closing of the Offering is expected to take place on or about November 4, 2019, and is subject to customary closing conditions, including the approval of the Toronto Stock Exchange.\nThis press release is not an offering o...