28 LEXPERT MAGAZINE
|
MAY 2018
BIG DEALS
BIG REAL ESTATE
aggregate gross proceeds of approximately
$143.8 million.
e offering was underwritten by a syndi-
cate of underwriters co-led by BMO Capital
Markets and RBC Capital Markets and in-
cluded CIBC World Markets Inc., National
Bank Financial Inc., Scotia Capital Inc., TD
Securities Inc., Eight Capital, Canaccord Ge-
nuity Corp., Hampton Securities Limited,
Industrial Alliance Securities Inc. and Ray-
mond James Ltd.
NorthWest intends to use the net pro-
ceeds of the offering, together with existing
resources, to repay its secured operating fa-
cility in the amount of approximately $125
million, which was utilized by NorthWest to
partially fund the acquisition of Generation
Healthcare REIT, for future acquisitions,
repayment of additional high cost revolving
debt and for general trust purposes.
(NorthWest closed, on July 17, 2017, its
acquisition of Generation Healthcare REIT,
an Australian healthcare real estate portfolio
comprising 16 properties, including hospi-
tals, medical centres and laboratories.)
Goodmans LLP represented NorthWest.
e Goodmans team was composed of Brad
Ross, Bill Gorman and Rosel Kim (corpo-
rate/securities) and Jarrett Freeman and
Kabir Jamal (tax).
Dorsey & Whitney LLP represented
NorthWest in the US. e Dorsey team was
composed of Richard Raymer and Sudeep
Simkhada (corporate/securities).
McMillan LLP represented the Under-
writers. e McMillan team was composed
of Georges Dubé, Adam Kline, Jeffrey Ge-
bert, Laura Fraser and Valenteena Suvamina-
than (corporate/securities).
H&R REIT COMPLETES
$250M DEBENTURE FINANCING
CLOSING DATE: JANUARY 23, 2018
On January 23, 2018, H&R Real Estate In-
vestment Trust (H&R REIT) completed
a public offering of $250 million principal
amount of 3.416 per cent Series O senior un-
secured debentures due January 23, 2023.
e debentures were offered for sale by
way of a public offering through a syndicate
of agents co-led by BMO Nesbitt Burns Inc.,
Scotia Capital Inc., CIBC World Markets
Inc., National Bank Financial Inc. and TD
Securities Inc.
e net proceeds of the offering will be
used by H&R R EIT for the repayment
of existing indebtedness and for general
trust purposes.
H&R REIT was represented by Blake,
Cassels & Graydon LLP with a team that
included William Fung, Eric Moncik, Jer-
emy Ozier and Devon Read (securities) and
Jeffrey Trossman, Andrew Spiro, Ian Caines
and Shavone Bazarkewich (tax).
e agents were represented by Good-
mans LLP with a team that included Allan
Goodman, Emily Ting and Sarah Macchi-
one (securities), Ken Herlin (real estate) and
Kabir Jamal (tax).
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