MORGUARD NORTH AMERICAN RESIDENTIAL REIT ANNOUNCES $50 MILLION OFFERING OF CONVERTIBLE DEBENTURES AND FORTHCOMING REDEMPTION OF 4.50% CONVERTIBLE UNSECURED SUBORDINATED DEBENTURES

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[{"type":"text","content":"\n \n \n \n MORGUARD NORTH AMERICAN RESIDENTIAL REIT ANNOUNCES $50 MILLION OFFERING OF CONVERTIBLE DEBENTURES AND FORTHCOMING REDEMPTION OF 4.50% CONVERTIBLE UNSECURED SUBORDINATED 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 TORONTO\n \n \n ,\n \n \n Feb. 22, 2023\n \n \n /CNW/ - Morguard North American Residential Real Estate Investment Trust (\"Morguard NAR REIT\" or the \"REIT\") (TSX: MRG.UN), announced today that it has entered into an agreement with a syndicate of underwriters, co-led by RBC Capital Markets and TD Securities Inc., for the purchase by the underwriters, on a bought deal basis, subject to regulatory approval, of\n \n $50,000,000\n \n aggregate principal amount of 6.00% convertible unsecured subordinated debentures due\n \n March 31, 2028\n \n (the \"Debentures\"). The Debentures will be convertible, at the option of the holder, into trust units of Morguard NAR REIT at\n \n $24.15\n \n per trust unit. Morguard NAR REIT has granted the underwriters an over-allotment option exercisable at any time up to 30 days after Closing, to acquire additional Debentures up to the lesser of\n \n $6,750,000\n \n aggregate principal amount of Debentures and the underwriters' respective \"Over-Allocation Position\" as at the closing date.\n \n \n As part of the transaction, Morguard Corporation intends to purchase\n \n $5,000\n \n ,000 of the Debentures being offered.\n \n \n The REIT also announced that it will redeem all of its outstanding 4.50% convertible unsecured subordinated debentures (the \"2018 Debentures\") on\n \n March 24, 2023\n \n (the \"Redemption Date\"). The REIT intends to use the net proceeds from the offering, together with existing liquidity, to fund the redemption of the 2018 Debentures, which were issued on\n \n February 13, 2018\n \n , scheduled to mature on\n \n March 31, 2023\n \n and have...

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