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NORTHWEST HEALTHCARE PROPERTIES REAL ESTATE INVESTMENT TRUST ANNOUNCES INITIATIVES TO STRENGTHEN FINANCIAL POSITION AND PROVIDES UPDATE ON ITS STRATEGIC REVIEW PROCESS
NORTHWEST HEALTHCARE PROPERTIES REAL ESTATE INVESTMENT TRUST ANNOUNCES INITIATIVES TO STRENGTHEN ...
About this update from Vital Infrastructure Property Trust
[{"type":"text","content":"\n \n \n \n NORTHWEST HEALTHCARE PROPERTIES REAL ESTATE INVESTMENT TRUST ANNOUNCES INITIATIVES TO STRENGTHEN FINANCIAL POSITION AND PROVIDES UPDATE ON ITS STRATEGIC REVIEW PROCESS\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 \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n Sept. 22, 2023\n \n \n /CNW/ - Northwest Healthcare Properties Real Estate Investment Trust (the \"\n \n REIT\n \n \" or \"\n \n Northwest\n \n \") (TSX:\n \n \n NWH.UN) today announces steps to strengthen its financial position, including financing and disposition initiatives, and a reduction to its monthly distribution. Northwest also announces an update on its previously announced strategic review process. These initiatives are expected to provide the REIT with greater financial strength and flexibility.\n \n \n \n Steps Taken to Strengthen Balance Sheet and Financial Position\n \n \n \n The REIT today announces:\n \n \n \n Extension of Credit Facility\n \n \n \n An extension to the maturity date of its\n \n US$127.5 million\n \n (\n \n ~$172 million\n \n ) non-revolving tranche of its secured credit facility pursuant to a credit agreement with a syndicate of Canadian financial institutions by one year, from\n \n January 2024\n \n to\n \n January 2025\n \n .\n \n \n \n Australian Unity Healthcare Property Trust (\"\n \n AUHPT\n \n \") Unit Sales\n \n \n \n Further to the REIT's press release on\n \n July 10, 2023\n \n announcing the settlement agreement between,\n \n inter\n \n \n alia\n \n , Northwest and Australian Unity Funds Management Limited, Northwest has received gross proceeds from AUHPT unit sales and redemptions of approximately\n \n $82 million\n \n , which have been used to repay debt. Northwest anticipates it will complete the sale or redemption of the balance of its holdings in AUHPT, expected to generate net proceeds of approximately\n \n $110\n \n -\n \n $120 million\n \n , in Q4 2023 and Q1 2024, to be used to repay debt and for general trust purposes.\n \n \n \n Near-Term Non-Core Asset Sales\n \n \n \n At the outset of 2023, the REIT identified disposi...