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Melcor REIT closes subscription receipt, debenture offerings

Canada's Melcor Real Estate Investment Trust completed its offering of subscription receipts for gross proceeds of C$17.3 Million, as well as of C$23.0 million worth of 5.25% extendable convertible unsecured subordinated debentures.

The REIT issued and sold 2,035,500 subscription receipts at C$8.50 apiece, according to a release.

The debenture offering saw a full exercise of the overallotment options. CIBC Capital Markets and RBC Capital Markets co-led the syndicate of underwriters, which included BMO Nesbitt Burns Inc., TD Securities Inc., Desjardins Securities Inc., National Bank Financial Inc., Scotia Capital Inc., Canaccord Genuity Corp. and Raymond James Ltd. CIBC Capital Markets and RBC Capital Markets also acted as the book runners.

Melcor will use the net proceeds from the offerings to partially finance the cash portion of its acquisition of five commercial properties from external asset manager and property manager Melcor Developments Ltd. The acquisition is expected to close on or around Jan. 12, 2018.