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PROREIT COMPLETES $35 MILLION BOUGHT DEAL PUBLIC OFFERING OF CONVERTIBLE DEBENTURES
PROREIT COMPLETES $35 MILLION BOUGHT DEAL PUBLIC OFFERING OF CONVERTIBLE DEBENTURES Can...
About this update from Pro Real Estate Investment Trust
[{"type":"text","content":"\n \n \n \n PROREIT COMPLETES $35 MILLION BOUGHT DEAL 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.prntaj{\nTEXT-ALIGN: JUSTIFY\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 \n MONTREAL\n \n \n ,\n \n \n May 26, 2023\n \n \n /CNW/ - PRO Real Estate Investment Trust (\"PROREIT\" or the \"REIT\") (TSX: PRV.UN) announced today that it has completed its previously announced bought deal public offering of\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\").\n \n \n The Offering was conducted through a syndicate of underwriters co-led by TD Securities Inc. and Scotiabank, as joint bookrunners, and including BMO Nesbitt Burns Inc., Canaccord Genuity Corp., CIBC World Markets Inc., National Bank Financial Inc., RBC Dominion Securities Inc., iA Private Wealth Inc., Raymond James Ltd., Haywood Securities Inc., Laurentian Bank Securities Inc. and Leede Jones Gable Inc. The REIT 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.\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 Debentures will mature on\n \n June 30, 2028\n \n and will accrue interest at the rate of 8.00% per an...