MORGUARD NORTH AMERICAN RESIDENTIAL REIT ANNOUNCES COMPLETION OF ITS PREVIOUSLY ANNOUNCED PUBLIC OFFERING OF $50 MILLION OF CONVERTIBLE DEBENTURES
Summary
/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES/MISSISSAUGA, ON, March 9, 2023 /CNW/ - Morguard North American Residential Real Estate Investment Trust (the "REIT") (TSX: MRG.UN) announced today that it has completed its previously announced public offering (the "Offering") with a syndicate of underwriters, co-led by RBC Capital Markets, TD Securities Inc. and Scotiabank, with RBC Capital Markets and TD Securities Inc. acting as bookrunners, on a bought deal basis, of $50 million aggregate principal amount of 6.00% convertible unsecured subordinated debentures due March 31, 2028 (the "Debentures"). As part of the transaction, Morguard Corporation purchased $5 million aggregate principal amount of the Debentures at the offering price. This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the Units in the United States or to, or for the account or benefit of, U.S. Persons.The REIT is an unincorporated, open-ended real estate investment trust which owns, through a limited partnership, interests in Canadian residential apartment communities, located in Alberta and Ontario, and U.S. residential apartment communities located in Colorado, Texas, Louisiana, Illinois, Georgia, Florida, North Carolina, Virginia and Maryland.For more information, please visit Morguard.com.Certain information in this press release may constitute forward-looking statements that involve a number of risks and uncertainties, including statements regarding the outlook for the REITs business results of operations, proposed use of proceeds from the offering (including any redemption) and the timing thereof. Forward-looking statements use the words "believe," "expect," "anticipate," "may," "should," "intend," "estimate" and other similar terms, which do not relate to historical matters. Except as required by applicable law, the REIT disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.