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Slate Retail REIT's unit offerings gross C$77.3M

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Slate Retail REIT's unit offerings gross C$77.3M

Slate Retail REIT closed two offerings of its class U units for total gross proceeds of approximately C$77.3 million.

A public offering of 5,071,500 class U units grossed approximately C$74.8 million.

The syndicate of underwriters led by CIBC Capital Markets, BMO Capital Markets and GMP Securities fully exercised the overallotment option for the bought-deal offering to buy 661,500 class U trust units, which were sold at C$14.75 apiece.

The company also closed a private placement of 170,000 class U units to Slate Asset Management LP for gross proceeds of approximately C$2.5 million.

The proceeds will be used to repay outstanding debts under the company's credit facilities.