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NorthWest Healthcare greenshoe raises convertibles to C$74.75 million
New York, July 25 – NorthWest Healthcare Properties Real Estate Investment Trust said the underwriters of its recent offering of five-year convertible unsecured subordinated debentures exercised the C$9.75 million greenshoe in full, raising the size to C$74.75 million.
The company originally priced C$50 million of the convertibles with a C$7.5 million over-allotment option on July 6 and then on July 7 increased the amount to C$65 million with a C$9.75 million greenshoe.
NorthWest sold the convertibles on a bought-deal basis at par to yield 5.25% with an initial conversion premium of 30%.
The offering was brought via a syndicate of underwriters led by RBC Capital Markets, BMO Capital Markets and National Bank Financial.
Alongside the convertibles, NorthWest also priced C$50 million of trust units, or 5,105,000 trust units at C$9.80 per unit, with a greenshoe for up to an additional 767,570 units.
The trust unit sale was also upsized, to C$57.8 million, or 5.9 million units. Exercise of the over-allotment option raised the unit portion of the financing to C$66,493,000, or 6,785,000 units, according to a news release.
A further C$5 million of units were sold in a private placement to NorthWest Value Partners Inc. and members of management.
Proceeds are expected to be used to fund a portion of the company’s previously announced strategic investments in Australia and New Zealand and to fund a portion of the pending acquisitions of two hospitals in Sao Paulo and Brasilia, Brazil, occupied by Rede D’Or.
Toronto-based NorthWest is an open-ended REIT focused on properties operated as medical offices.
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