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WPT Industrial closes US$60M bought-deal offering

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Capital Markets View – January 2021


WPT Industrial closes US$60M bought-deal offering

WPT IndustrialReal Estate Investment Trust raised gross proceeds of roughly US$60million in a bought-deal offeringand about US$15 million in a concurrent private placement.

The company sold 5,429,900 units in the bought-deal offeringat US$11.05 apiece. It also granted the underwriters a 30-day overallotment optionto buy up to 814,485 additional units.

In the nonbrokered private placement, the company sold 1,357,475units to Alberta Investment Management Corp. at US$11.05 apiece. AIMCo may alsoopt to buy up to 203,621 additional units if the overallotment option in the bought-dealoffering is exercised. AIMCo reduced its interest in the REIT to about27.6% from roughly 29.2%, as a result of the offering and private placement.

WPT Industrial plans to apply the net proceeds from the offeringand private placement to fund future acquisitions of industrial assets in majorU.S. distribution and logistics markets and a development project in Indianapolis.Pending such uses, the funds may go toward repayment of existing outstanding debtunder the company's revolving facilitywith a drawn amount of US$46.5 million, as well as for working capital and generaltrust purposes.

The syndicate of underwriters for the bought-deal offering isco-led by Desjardins Securities Inc., CIBC Capital Markets and RBC Dominion SecuritiesInc.