By Rebecca Melvin
New York, Aug. 19 - NorthWest Healthcare Properties Real Estate Investment Trust priced C$35 million of seven-year convertibles on a bought deal basis at par to yield 5.25% with an initial conversion premium of 35%, according to a news release.
The deal was brought by a syndicate of underwriters led by RBC Capital Markets. There is a C$5.25 million over-allotment option.
The initial conversion price is C$14.20.
Proceeds are intended to repay debt under the company's existing credit facility and for general corporate purposes.
The deal will be distributed via preliminary short form prospectus in Canada.
Closing is set for Sept. 11.
Toronto-based NorthWest REIT owns and manages medical office buildings and health care facilities.
| Issuer: | NorthWest Healthcare Properties Real Estate Investment Trust
|
| Issue: | Convertible debentures
|
| Amount: | C$35 million
|
| Greenshoe: | C$5.25 million
|
| Maturity: | Sept. 30, 2020
|
| Underwriters: | Syndicate led by RBC Capital Markets
|
| Coupon: | 5.25%
|
| Price: | Par, C$1,000
|
| Yield: | 5.25%
|
| Conversion premium: | 35%
|
| Conversion price: | C$14.20 per trust unit
|
| Conversion ratio: | 70.4225 trust units per debenture
|
| Pricing date: | Aug. 19
|
| Settlement date: | Sept. 11
|
| Stock listing: | Toronto: MWH.UN
|
| Stock reference: | C$10.50, at close Aug. 19
|
| Distribution: | Short form prospectus in Canada
|
| Market capitalization: | C$406 million
|
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