Business
NorthWest Healthcare Properties REIT Announces Successful Completion of Previously Announced Public Equity Offering and Partial Exercise of Over-Allotment Option for Gross Proceeds of $215,303,000
NorthWest Healthcare Properties REIT Announces Successful Completion of Previously Announ...
About this update from Vital Infrastructure Property Trust
[{"type":"text","content":"\n \n \n \n NorthWest Healthcare Properties REIT Announces Successful Completion of Previously Announced Public Equity Offering and Partial Exercise of Over-Allotment Option for Gross Proceeds of $215,303,000\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 DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN\n \n THE UNITED STATES\n \n /\n \n \n \n \n TSX: NWH.UN\n \n \n \n \n TORONTO\n \n ,\n \n Feb. 26, 2021\n \n /CNW/ - NorthWest Healthcare Properties Real Estate Investment Trust (TSX: NWH.UN) (\"NorthWest\" or the \"REIT\") is pleased to announce today that it has completed its previously announced public offering (the \"Public Offering\") of 17,020,000 trust units (\"Units\") of the REIT at a price of\n \n $12.65\n \n per Unit for total gross proceeds of\n \n $215,303,000\n \n , which includes proceeds from the partial exercise of an over-allotment option to purchase up to an additional 2,373,000 Units. The Public Offering was conducted on a bought deal basis through a syndicate of underwriters (the \"Underwriters\") co-led by Scotiabank, RBC Capital Markets and BMO Capital Markets.\n \n \n Together with the previously announced\n \n $5.0 million\n \n to\n \n $25.0 million\n \n private placement to NorthWest Value Partners Inc. (\"NWVP\"), which is expected to close in\n \n April 2021\n \n , (the \"Private Placement\" and together with the Public Offering, the \"Offering\"), the total gross proceeds of the Offering are expected to be approximately\n \n $220.3 million\n \n to\n \n $240.3 million\n \n , based on the current partial exercise of the over-allotment granted to the Underwriters in connection with the Public Offering.\n \n \n Upon closing of the Private Placement, NWVP will hold an approximate 14.2% to 14.9% effective interest in the REIT through ownership of Units and Class B LP units.\n \n \n The REIT intends to use the net proceeds from the Offering to repay\n \n $196 million\n \n of corporate debt with a weighted average interest rate of approximately 6.1%, and...