NorthWest Healthcare Properties REIT Announces Intention to Redeem Two Series of Convertible Debentures Totaling $40 Million with Weighted Average Interest Rate of 7.0%
November 09, 2017 at 05:53 pm EST
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NorthWest Healthcare Properties Real Estate Investment Trust announced that it intends to redeem all of its outstanding: 6.50% convertible unsecured subordinated debentures, of which $22,600,000 aggregate principal amount is currently outstanding; and 7.50% convertible unsecured subordinated debentures, of which $17,500,000 aggregate principal amount is currently outstanding. The redemptions are expected to occur on December 11, 2017. The 6.50% Debentures were issued on March 25, 2013, mature on March 31, 2018 and are listed for trading on the Toronto Stock Exchange. The 7.50% Debentures were issued on August 29, 2013, mature on September 30, 2018 and are listed for trading on the TSX. The redemption price will be paid in cash and will be equal to the aggregate principal amount of the Debentures, together with accrued and unpaid interest on the Debentures up to, but excluding, the Redemption Date. Notices of redemption are being delivered today, November 9, 2017, to CDS & Co. (CDS) and the Debenture trustee, Computershare Trust Company of Canada.
Northwest Healthcare Properties Real Estate Investment Trust is a Canada-based open-ended real estate investment trust. The Company operates in the healthcare real estate industry segment. Its businesses include funds management, asset management, and development. It focuses on the cure segment of healthcare real estate, such as hospitals, medical office buildings, and clinics. Its asset class segmentation includes hospitals and healthcare facilities; medical office buildings, and life sciences, research, and education. It provides a portfolio of international healthcare real estate infrastructure comprised of interests in a diversified portfolio of approximately 231 income-producing properties and 18.5 million square feet of gross leasable area located throughout markets in Canada, the United States, Brazil, Europe, Australia, and New Zealand. Its portfolio of medical office buildings, clinics, and hospitals is characterized by long-term indexed leases and stable occupancies.
NorthWest Healthcare Properties REIT Announces Intention to Redeem Two Series of Convertible Debentures Totaling $40 Million with Weighted Average Interest Rate of 7.0%