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MORGUARD REIT ANNOUNCES CLOSING OF OVER-ALLOTMENT OPTION
MORGUARD REIT ANNOUNCES CLOSING OF OVER-ALLOTMENT OPTION Canada NewsWire ...
About this update from Morguard Real Estate Investment Trust
[{"type":"text","content":"\n \n \n \n MORGUARD REIT ANNOUNCES CLOSING OF OVER-ALLOTMENT OPTION\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 /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. 13, 2021\n \n /CNW/ - Morguard Real Estate Investment Trust (\"Morguard REIT\" or the \"REIT\") (TSX: MRT.UN), announced today that it has successfully closed the issuance of an additional\n \n $9 million\n \n aggregate principal amount of its 5.25% convertible unsecured subordinated debentures due\n \n December 31, 2026\n \n (the \"Debentures\") pursuant to the exercise in full 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 $150 million\n \n aggregate principal amount of Debentures, which closed on\n \n December 7, 2021\n \n . The gross proceeds from the offering (the \"Offering\"), including the proceeds from the exercise of the over-allotment option, are\n \n $159 million\n \n . The Debentures are listed on the Toronto Stock Exchange under the symbol MRT.DB.A.\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 of all of the REIT's 4.50% convertible unsecured subordinated debentures (current outstanding principal balance of approximately\n \n $175 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 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 Securities...