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.
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.