MORGUARD NORTH AMERICAN RESIDENTIAL REIT ANNOUNCES CLOSING OF OVER-ALLOTMENT OPTION IN CONNECTION WITH ITS RECENTLY COMPLETED PUBLIC OFFERING OF $50 MILLION OF CONVERTIBLE DEBENTURES

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[{"type":"text","content":"\n \n \n \n MORGUARD NORTH AMERICAN RESIDENTIAL REIT ANNOUNCES CLOSING OF OVER-ALLOTMENT OPTION IN CONNECTION WITH ITS RECENTLY COMPLETED PUBLIC OFFERING OF $50 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 TSX SYMBOL: MRG.UN\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 \n MISSISSAUGA, ON\n \n \n ,\n \n \n March 17, 2023\n \n \n /CNW/ - Morguard North American Residential Real Estate Investment Trust (the \"REIT\") (TSX: MRG.UN) announced today that it has successfully closed the issuance of an additional\n \n $6 million\n \n aggregate principal amount of its 6.00% convertible unsecured subordinated debentures due\n \n March 31, 2028\n \n (the \"Debentures\") pursuant to the partial exercise of the over-allotment option granted by the REIT to the syndicate of underwriters in connection with the REIT's previously announced offering of\n \n $50 million\n \n aggregate principal amount of Debentures, which closed on\n \n March 9, 2023\n \n . The gross proceeds from the offering (the \"Offering\"), including the proceeds from the exercise of the over-allotment option, are\n \n $56 million\n \n . The Debentures are listed on the Toronto Stock Exchange under the symbol MRG.DB.B.\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 March 24, 2023\n \n of all of the REIT's 4.50% convertible unsecured subordinated debentures (current outstanding principal balance of\n \n $85.5 million\n \n ).\n \n \n The syndicate of underwriters was co-led by RBC Capital Markets, TD Securities Inc. and Scotiabank, with RBC Capital Markets and TD Securities Inc. acting as bookrunners.\n \n \n The Debentures, and the units of the REIT underlying 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 t...

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