/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE
SERVICES OR DISSEMINATION IN THE UNITED
STATES/
GROSS PROCEEDS OF PREVIOUSLY ANNOUNCED
CONVERTIBLE DEBENTURE FINANCING INCREASED TO $86.25 MILLION
TORONTO, May 3, 2023
/CNW/ - Northwest Healthcare Properties Real Estate Investment
Trust (TSX: NWH.UN) (the "REIT") announced today the issuance
of an additional $11.25 million
aggregate principal amount of 7.75% convertible unsecured
subordinated debentures of the REIT. The issuance was pursuant to
the exercise in full of an over-allotment option (the
"Over-Allotment Option") granted by the REIT to a syndicate of
underwriters co-led by Scotiabank and RBC Capital Markets in
connection with the REIT's recent offering of 7.75% convertible
unsecured subordinated debentures, on a bought deal basis (the
"Offering"), which closed on April 27,
2023. The exercise of the Over-Allotment Option increases
the total gross proceeds of the Offering to $86.25 million. For more information on the
Offering, please refer to the REIT's news release issued on
April 27, 2023.
The REIT has used the net proceeds of the Offering, and intends
to use the additional net proceeds from the exercise of the
Over-Allotment Option, to repay short-term variable rate debt with
a weighted average interest rate of approximately 9.3% and for
general trust purposes.
About Northwest Healthcare Properties Real Estate Investment
Trust
Northwest Healthcare Properties Real Estate Investment Trust
(TSX: NWH.UN) is an unincorporated, open-ended real estate
investment trust established under the laws of the Province of
Ontario. As at December 31, 2022, the REIT provides investors
with access to a portfolio of high-quality international healthcare
real estate infrastructure comprised of interests in a diversified
portfolio of 233 income-producing properties and 18.6 million
square feet of gross leasable area located throughout major markets
in Canada, the United States, Brazil, Europe, Australia and New
Zealand. The REIT's portfolio of medical office buildings,
clinics, and hospitals is characterized by long-term indexed leases
and stable occupancies. With a fully integrated and aligned senior
management team, the REIT leverages over 300 professionals in ten
offices in eight countries to serve as a long-term real estate
partner to leading healthcare operators.
Forward Looking Information
This press release contains "forward-looking statements" within
the meaning of applicable securities laws, including statements
about the Offering, the expected use of proceeds thereof and the
REIT's variable rate debt exposure. When used in this news release,
the words "may", "would", "should", "could", "will", "intend",
"plan", "anticipate", "believe", "estimate", "expect" and similar
expressions may be used to identify forward-looking statements. The
forward-looking statements in this news release are based on
certain assumptions and are subject to a number of risks and
uncertainties that could cause actual results or events to differ
materially from current expectations. The statements in this news
release are made as of the date of this release. The REIT does not
intend to nor assumes any obligation to update these
forward-looking statements whether as a result of new information,
plans, events or otherwise, unless required by law. Although the
REIT believes that the assumptions inherent in the forward-looking
statements are reasonable, forward-looking statements are not
guarantees of future performance and, accordingly, readers are
cautioned not to place undue reliance on such statements due to the
inherent uncertainty therein. A discussion of the risk factors
applicable to the REIT is contained under the heading "Risk
Factors" in the REIT's annual information form dated March 31, 2023, a copy of which may be obtained
on the SEDAR website at www.sedar.com.
These securities have not been and will not be registered
under the United States Securities Act of 1933, as amended (the
"U.S. Securities Act"), or any state securities laws and may not be
offered or sold in the United
States or to U.S. persons except in compliance with the
registration requirements of the U.S. Securities Act and applicable
state securities laws or pursuant to an exemption therefrom.
Accordingly, this news release does not constitute an offer for
sale of securities in the United
States.
SOURCE NorthWest Healthcare Properties Real Estate Investment
Trust
