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Mainstreet Health wraps up US$45M bought-deal debenture offering

Mainstreet Health Investments closed on its bought-deal offering of US$45.0 million of 5.00% convertible unsecured subordinated debentures due Jan. 31, 2022.

The company will apply the proceeds toward its purchase of three newly built memory care communities in Arkansas and Texas, which it said will further diversify its range of property types and geography. The acquisition also brings on a new operating partner, Memory Care America LLC.

The syndicate of underwriters was led by National Bank Financial Inc., BMO Capital Markets and CIBC Capital Markets.