Morguard North American Residential REIT Announces Increase of Previously Announced Offering to $75 Million

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[{"type":"text","content":"\n\n\n\nMorguard North American Residential REIT Announces Increase of Previously Announced Offering to $75 Million\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\nCanada NewsWire\nMISSISSAUGA, ON, Jan. 25, 2018\n\n\n\nTSX SYMBOL: MRG.UN\n\n/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES/\n\n\n\nMISSISSAUGA, ON, Jan. 25, 2018 /CNW/ - Morguard North American Residential Real Estate Investment Trust (\"Morguard NAR REIT\" or the \"REIT\") (TSX: MRG.UN), announced today that, due to increased investor demand, it has amended the terms of its previously announced public offering of convertible unsecured subordinated debentures. The REIT 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 $75,000,000 aggregate principal amount of 4.50% convertible unsecured subordinated debentures due March 31, 2023 (the \"Debentures\"). The Debentures are convertible, at the option of the holder, into trust units of Morguard NAR REIT at $20.20 per trust unit. Morguard NAR REIT has granted an over-allotment option exercisable at any time up to 30 days after Closing, to acquire additional Debentures up to the lesser of $10,500,000 aggregate principal amount of Debentures and the Underwriters respective \"Over-Allocation Position\" as at the closing date.\n\nAs part of the transaction, Morguard Corporation has agreed to purchase $5,000,000 of the Debentures being offered.  \n\nMorguard NAR REIT will, by January 30, 2018, file with the securities commissions and other similar regulatory authorities in each of the provinces and territories of Canada, excluding Quebec, a preliminary short form prospectus relating to the issuance of the Debentures. The offering is expected to close on or about February 13, 2018. \n\nThe REIT intends to use the net proceeds from the Offering to fund the redemption of all of the REIT's 4.65% convertible unsecured subordinated debentu...

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