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Underwriters of Morguard North debenture offering exercise overallotment option

Morguard North American Residential REIT said the syndicate of underwriters of its recently closed C$75 million bought-deal offering of 4.50% convertible unsecured debentures fully exercised their overallotment option to acquire a further C$10.5 million of debentures.

The multifamily-focused residential REIT plans to use the net proceeds to finance future purchases, for debt repayment and for general trust purposes.

The closing of the overallotment option is expected to take place Feb. 21.

RBC Capital Markets and TD Securities are co-leading the syndicate of underwriters.