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NorthWest Healthcare Properties REIT Announces Successful Completion of $125 Million Offering of Convertible Debentures
NorthWest Healthcare Properties REIT Announces Successful Completion of $125 Million Offer...
About this update from Vital Infrastructure Property Trust
[{"type":"text","content":"\n\n\n\nNorthWest Healthcare Properties REIT Announces Successful Completion of $125 Million Offering of Convertible Debentures\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\nTORONTO, Dec. 20, 2018\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/\nTSX: NWH.UN\n TORONTO, Dec. 20, 2018 /CNW/ - NorthWest Healthcare Properties Real Estate Investment Trust (TSX: NWH.UN) (\"NorthWest\" or the \"REIT\") is pleased to announce the closing of its previously announced public offering (the \"Offering\") whereby NorthWest sold $125 million aggregate principal amount of 5.50% convertible unsecured subordinated debentures (\"Debentures\"), on a bought deal basis, to a syndicate of underwriters (the \"Underwriters\") co-led by RBC Capital Markets and BMO Capital Markets. \nThe REIT has granted the Underwriters the option to purchase up to $18.75 million aggregate principal amount of additional Debentures at a price of $1,000 per Debenture to cover over-allotments, exercisable in whole or in part anytime up to 30 days following closing of the Offering.\nThe REIT intends to use the net proceeds of the Offering, together with existing resources, (i) to repay $105.6 million of corporate debt (including the REIT's 7.25% convertible unsecured subordinated debentures maturing October 31, 2019) with a weighted average interest rate and term to maturity of 6.96% and 0.9 years, respectively, and (ii) to fund a portion of the purchase price of two German medical office properties (located in Berlin and Leipzig, respectively) for a combined purchase price of $30.6 million (€20.3 million) at a weighted average stabilized capitalization rate of 5.7% (the \"German MOB Acquisitions\").\nThe Debentures were offered in each of the provinces and territories of Canada pursuant to the REIT's base shelf prospectus dated October 19, 2018. The terms of the Offering are described in a prospectus supplement filed with Canadian securities regulators. A copy of the prospectus supplement is avai...