/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./
TORONTO, Sept. 23, 2014 /CNW/ - NorthWest International Healthcare Properties Real Estate Investment Trust (TSXV:MOB.UN) (the "REIT") announced today the closing of its previously announced offering (the "Offering") of $35.0 million aggregate principal amount of 7.25% convertible unsecured subordinated debentures (the "Debentures"), on a bought deal basis, to a syndicate of underwriters (the "Underwriters") led by National Bank Financial Inc. and GMP Securities L.P., acting as joint bookrunners, and including BMO Capital Markets, Canaccord Genuity Corp., Scotiabank, Dundee Securities Ltd., Raymond James Ltd., Manulife Securities Inc., Desjardins Securities Inc., Laurentian Bank Securities Inc., Mackie Research Capital Corporation and All Group Financial Services Inc. The Debentures are expected to commence trading on the TSX Venture Exchange on Wednesday, September 24, 2014 under the trading symbol "MOB.DB.B".
The REIT has granted the Underwriters an over-allotment option exercisable at any time up to the date that is 30 days from the date of closing of the Offering to offer for sale up to an additional $5.25 million aggregate principal amount of Debentures on the same terms and conditions.
The REIT will use the net proceeds of the Offering for repayment of debt and for general trust purposes. Any debt repayment is expected to extend the weighted average maturity of the REIT's existing debt and be accretive.
About NorthWest International Healthcare Properties Real Estate Investment Trust
The REIT is an unincorporated, open-ended real estate investment trust established under the laws of the Province of Ontario. The REIT's objectives are to: (i) provide its unitholders with stable and growing cash distributions from investments focused on international healthcare properties, on a tax efficient basis; (ii) enhance the value of the REIT's assets and maximize long-term unit value; and (iii) expand the asset base of the REIT.
This news release contains "forward-looking statements" within the meaning of applicable securities laws, including statements about the Offering and proposed use of proceeds thereof. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including the ability of the REIT to pay or grow distributions. The statements in this news release are made as of the date of this release. 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 April 23, 2014 audited consolidated financial statements and management's discussion and analysis for the year ended December 31, 2013, and the REIT's short form prospectus dated May 13, 2014, copies of which each 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.
Neither the TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) has approved or disapproved the contents of this press release.
SOURCE: NorthWest International Healthcare Properties REIT
For further information: Paul Dalla Lana, CEO, NorthWest International Healthcare Properties REIT, (416) 366-8300 ext. 1001