MORGUARD NORTH AMERICAN RESIDENTIAL REIT ANNOUNCES COMPLETION OF ITS PREVIOUSLY ANNOUNCED 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 COMPLETION OF ITS PREVIOUSLY ANNOUNCED 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 \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 \n MISSISSAUGA, ON\n \n \n ,\n \n \n March 9, 2023\n \n \n /CNW/ - Morguard North American Residential Real Estate Investment Trust (the \"REIT\") (TSX: MRG.UN) announced today that it has completed its previously announced public offering (the \"Offering\") with 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, on a bought deal basis, of\n \n $50 million\n \n aggregate principal amount of 6.00% convertible unsecured subordinated debentures due\n \n March 31, 2028\n \n (the \"Debentures\"). The Debentures are convertible, at the option of the holder, into trust units of the REIT (the \"\n \n Units\n \n \") at\n \n $24.15\n \n per Unit. As part of the transaction, Morguard Corporation purchased\n \n $5 million\n \n aggregate principal amount of the Debentures at the offering price. Morguard Corporation currently holds an approximate 44.7% effective interest in the REIT through ownership of Units and exchangeable Class B LP Units.\n \n \n The REIT intends to use the net proceeds from the Offering, together with existing liquidity, to fund the redemption of all of the REIT's 4.50% convertible unsecured subordinated debentures (the \"\n \n 2018 Debentures\n \n \") (current outstanding principal balance of\n \n $85.5 million\n \n ) on\n \n March 24, 2023\n \n (the \"\n \n Redemption Date\n \n \"). The redemption price has been determined in accordance with the provisions of the trust indenture and the supplemental indenture related to the 2018 Debentures. The redemption price will be paid in cash and is\n \n $1,000\n \n per 2018 Debenture together with accrued and unpaid...

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