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PROREIT Announces $35 million Public Offering of Convertible Debentures
PROREIT Announces $35 million Public Offering of Convertible Debentures Canada NewsWire...
About this update from Pro Real Estate Investment Trust
[{"type":"text","content":"\n \n \n \n PROREIT Announces $35 million Public Offering 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 DISSEMINATION IN\n \n THE UNITED STATES\n \n OR DISTRIBUTION THROUGH\n \n UNITED STATES\n \n NEWS OR WIRE SERVICES./\n \n \n \n \n MONTRÉAL\n \n ,\n \n \n May 17, 2023\n \n \n /CNW/ - PRO Real Estate Investment Trust (TSX: PRV.UN) (\"PROREIT\" or the \"REIT\") announced today that it has entered into an agreement with a syndicate of underwriters co-led by TD Securities Inc. and Scotiabank (collectively, the \"Underwriters\"), pursuant to which the Underwriters will purchase\n \n $35 million\n \n aggregate principal amount of 8.00% convertible unsecured subordinated debentures (the \"Debentures\") due\n \n June 30, 2028\n \n at a price of\n \n $1,000\n \n per Debenture (the \"Offering\"). PROREIT has also granted to the Underwriters an over-allotment option to purchase up to an additional\n \n $5,250,000\n \n aggregate principal amount of Debentures at the same price, exercisable in whole or in part at any time for a period of up to 30 days following closing of the Offering, to cover over-allotments.\n \n \n PROREIT will use the net proceeds of the Offering to partially repay existing debt currently drawn on the REIT's operating facility and for general business and working capital purposes. The Offering and the stated use of proceeds are not expected to impact the REIT's leverage metrics, however, they are expected to improve the REIT's debt maturity profile, increase its exposure to fixed rate debt, and enhance the REIT's liquidity.\n \n \n The Offering is expected to close on or about\n \n May 26, 2023\n \n and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange (the \"TSX\").\n \n \n The Debentures will mature on\n \n June 30, 2028\n \n and will accrue interest at the rate of 8.00% per annum payable semi-annually in arrears on\n \n June 30\n \n ...