NorthWest Healthcare Properties REIT launched a bought-deal offering of 7,430,000 trust units at C$10.10 apiece for roughly C$75 million in gross proceeds.
The offering, expected to be completed on or about Jan. 31, carries a 30-day underwriters' overallotment option to buy up to 1,114,500 additional units.
NorthWest Healthcare will use the net proceeds, along with existing resources, to repay higher-cost revolving debt; to fund its purchase of a medical office property in Fulda, Germany; and for general trust purposes and/or potential future acquisitions.
The syndicate of underwriters is led by BMO Capital Markets and RBC Capital Markets.