Morguard REIT completes C$103.5 million offering of convertible debentures
On September 29, 2009, Morguard Real Estate Investment Trust (Morguard REIT) (TSX: MRT.UN) announced the successful closing of the issuance of an additional C$13.5 million aggregate principal amount of its 6.50% convertible unsecured subordinated debentures due September 30, 2014 (the debentures) following the exercise in full of the over-allotment option granted by Morguard REIT to the underwriters in connection with Morguard REIT's previously announced offering of C$90 million aggregate principal amount of the debentures, which closed on September 22, 2009. The gross proceeds from the offering, including the proceeds from the exercise of the over-allotment option, are C$103.5 million. The debentures are listed on the Toronto Stock Exchange under the symbol MRT.DB.
The net proceeds from the offering of the debentures will be used, in part, to reduce outstanding indebtedness incurred under the Morguard REIT's general operating facility, to fund future acquisitions and for general trust purposes. The syndicate of underwriters was co-led by RBC Capital Markets and TD Securities Inc., with RBC Capital Markets acting as bookrunner for the offering.
Morguard REIT, headquartered in Mississauga, Ontario, is a closed-end real estate investment trust with a portfolio of 50 retail, office and industrial properties in Canada consisting of approximately 7.6 million square feet of leaseable space.
Further information is found on Canada Newswire's website.