Canadian healthcare real estate company NorthWest Healthcare Properties Real Estate Investment Trust has announced a public offering, on a bought deal basis, of 11.7 million trust units at a price of $10.65 per unit representing gross proceeds of about $125 million.
NorthWest Healthcare has also granted the underwriters the option to buy up to a further 1.7 million units to cover over-allotments, if any, exercisable in whole or in part anytime up to 30 days following completion of the offering.
The company plans to use the net proceeds to repay debt, which currently bears an interest rate of 6.8 percent, and partly satisfy certain financing milestones related to a property deal.
The offering, subject to normal regulatory approvals, is anticipated to be finalized on or about February 26, 2019.