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KILLAM APARTMENT REIT ANNOUNCES $85 MILLION BOUGHT DEAL PUBLIC OFFERING OF TRUST UNITS
KILLAM APARTMENT REIT ANNOUNCES $85 MILLION BOUGHT DEAL PUBLIC OFFERING OF TRUST UNITS ...
About this update from Killam Apartment Reit
[{"type":"text","content":"\n \n \n \n KILLAM APARTMENT REIT ANNOUNCES $85 MILLION BOUGHT DEAL PUBLIC OFFERING OF TRUST UNITS\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 \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n /NOT FOR DISTRIBUTION TO\n \n THE UNITED STATES\n \n NEWSWIRE SERVICES OR FOR DISSEMINATION IN\n \n THE UNITED STATES\n \n /\n \n \n \n HALIFAX, NS\n \n ,\n \n Jan. 26, 2022\n \n /CNW/ - Killam Apartment REIT (\"Killam\" or the \"REIT\") (TSX: KMP.UN) is pleased to announce that it has entered into an agreement with a syndicate of underwriters led by RBC Capital Markets to issue to the public, on a bought deal basis, 4,100,000 trust units (the \"Units\") for\n \n $20.80\n \n per Unit for gross proceeds of\n \n $85,280,000\n \n (the \"Offering\").\n \n \n \n Killam\n \n has granted the Underwriters an over-allotment option for the purposes of covering the Underwriters' over-allocation position for an additional 615,000 Units, exercisable up to 30 days following the closing of the Offering.\n \n \n \n Killam\n \n intends to use the net proceeds from the Offering to repay amounts outstanding on its credit facility (current outstanding balance of approximately\n \n $60 million\n \n ), to fund future acquisitions and developments and for general trust purposes.\n \n \n Upon completion of the Offering and the use of proceeds,\n \n Killam\n \n expects to have access to approximately\n \n $190 million\n \n of available capital through its credit facilities and cash on hand.\n \n \n \"During 2021, we acquired approximately\n \n $400 million\n \n of properties, of which\n \n $311 million\n \n were outside of\n \n Atlantic Canada\n \n .\" stated\n \n Philip Fraser\n \n , President and CEO. \"We are looking forward to exciting growth opportunities in 2022 through continued organic results, and active acquisition and development pipelines.\"\n \n \n The Units issued under the Offering will be offered pursuant to the REIT's final short form base shelf prospectus dated\n \n January 6, 2022\n \n . The terms of the Offering will be described in a prospectus supplement to b...