By Abigail W. Adams
Portland, Me., April 27 – Northwest Healthcare Properties Real Estate Investment Trust issued C$75 million 7.75% convertible unsecured subordinated debentures due 2028 at par on Thursday, according to a company news release.
Scotiabank and RBC Capital Markets led the syndicate of underwriters for the bought deal, which was marketed via short-form prospectus in all provinces of Canada and via private placement in the United States.
The deal carries a greenshoe of C$11.25 million.
The debentures are non-callable until April 30, 2026, then callable subject to a 125% hurdle until April 30, 2027 when they become freely callable.
Net proceeds are expected to repay short-term floating-rate debt and for general corporate purposes.
Northwest Healthcare Properties is a Toronto-based open-ended REIT.
| Issuer: | Northwest Healthcare Properties Real Estate Investment Trust
|
| Amount: | C$75 million
|
| Greenshoe: | C$11.25 million
|
| Issue: | Convertible unsecured subordinated debentures
|
| Maturity: | April 30, 2028
|
| Bookrunners: | Scotiabank and RBC Capital Markets
|
| Coupon: | 7.75%
|
| Price: | Par
|
| Yield: | 7.75%
|
| Conversion price: | C$10.55
|
| Call options: | Non-callable until April 30, 2026, then callable subject to 125% hurdle until April 30, 2027, when they become freely callable
|
| Pricing date: | April 18
|
| Settlement date: | April 27
|
| Distribution: | Off shelf
|
| Stock symbol: | TSX: NWH.UN
|
| Market capitalization: | C$1.96 billion
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