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Underwriters in NorthWest Healthcare offering exercise overallotment option

The underwriters in NorthWest Healthcare Properties REIT's recently closed bought-deal debenture offering fully exercised their overallotment option to acquire up to an additional C$10.5 million of 5.25% convertible unsecured subordinated debentures.

Following the exercise of the overallotment option, the aggregate gross proceeds of the offering have increased to C$80.5 million.

The company used the net proceeds, together with existing resources, to repay its Brazilian term loans maturing Dec. 21.

It plans to use the remaining net proceeds to finance the purchase of a C$19.1 million medical office building in Hamburg, Germany; to fund the potential future repayment of higher-cost convertible debentures with 2017 par calls; and for general trust purposes.

The syndicate of underwriters is led by BMO Capital Markets and RBC Capital Markets.