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Morguard REIT Announces Completion of Previously Announced Public Offering of $150 Million of Convertible Debentures
Morguard REIT Announces Completion of Previously Announced Public Offering of $150 Millio...
About this update from Morguard Corporation
[{"type":"text","content":"\n \n \n \n Morguard REIT Announces Completion of Previously Announced Public Offering of $150 Million of Convertible Debentures\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 \n /NOT FOR DISTRIBUTION IN\n \n THE UNITED STATES\n \n OR OVER\n \n UNITED STATES\n \n WIRE SERVICES./\n \n \n \n MISSISSAUGA, ON\n \n ,\n \n Dec. 7, 2021\n \n /CNW/ - Morguard Real Estate Investment Trust (\"Morguard REIT\" or the \"REIT\") (TSX: MRT.UN), announced today that it has completed its previously announced public offering (the \"Offering\"), on a bought deal basis, of\n \n $150 million\n \n aggregate principal amount of 5.25% convertible unsecured subordinated debentures due\n \n December 31, 2026\n \n (the \"Debentures\"). The Debentures are convertible, at the option of the holder, into trust units of Morguard REIT (the \"Units\") at\n \n $7\n \n .80 per Unit. The Offering was underwritten by a syndicate of underwriters co-led by RBC Capital Markets, TD Securities Inc. and Scotiabank, with RBC Capital Markets and TD Securities Inc. acting as bookrunners. As part of the transaction, Morguard Corporation (\"Morguard\") purchased\n \n $60 million\n \n aggregate principal amount of the Debentures.\n \n \n The REIT intends to use the net proceeds from the Offering, together with existing liquidity, to fund the redemption on\n \n December 17, 2021\n \n (the \"Redemption\") of all of the REIT's 4.50% convertible unsecured subordinated debentures (current outstanding principal balance of approximately\n \n $175.0 million\n \n ) (the \"2016 Debentures\").\n \n \n Copies of the REIT's short form prospectus are available on SEDAR at\n \n www.sedar.com\n \n .\n \n \n The Units and the Debentures have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered, sold or delivered, directly or indirectly, in\n \n the United States\n \n or to, or for the account or benefit of, \"U.S. persons\" (as defined in Regulation S under the United States Securi...