Minto Apartment REIT Announces Underwriters' Exercise of Over-Allotment Option
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Minto Apartment Real Estate Investment Trust (the "REIT") (TSX:MI-UN.TO) announced today that it has closed the sale of an additional 856,280 trust units of the REIT ("Units") to a syndicate of underwriters bookrun by TD Securities Inc. and BMO Capital Markets (the "Underwriters"), pursuant to the over-allotment option granted to the Underwriters (the "Over-Allotment Option") in connection with the REIT's recent sale of 9,850,000 Units (the "Offering") at a price of $22.85 per Unit (the "Offering Price") that closed on October 22, 2019. The exercise of the Over-Allotment Option at the Offering Price generated additional gross proceeds to the REIT of approximately $19.6 million and brings the total gross proceeds of the Offering to the REIT to approximately $244.6 million.
The REIT intends to use the net proceeds of the Over-Allotment Option to repay amounts outstanding under its credit facility that were drawn to pay a portion of the purchase price for the acquisition of Le 4300 and Haddon Hall, two high-quality multi-residential properties in Montreal, Quebec, which closed on November 20, 2019.
No securities regulatory authority has either approved or disapproved of the contents of this news release. This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of Minto Apartment Real Estate Investment Trust in any jurisdiction.
About Minto Apartment Real Estate Investment TrustMinto Apartment Real Estate Investment Trust is an unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario to own income-producing multi-residential properties located in urban markets in Canada. The REIT owns a portfolio of high-quality income-producing multi-residential rental properties located in Toronto, Montreal, Ottawa, Calgary and Edmonton. For more information on Minto Apartment REIT, please visit the REIT's website at: https://www.mintoapartments.com/.
Forward-Looking StatementsThis news release may contain forward-looking statements (within the meaning of applicable securities laws) relating to the business of the REIT. Forward-looking statements are identified by words such as "believe", "anticipate", "project", "expect", "intend", "plan", "will", "may", "estimate" and other similar expressions. Forward-looking information reflects management's current beliefs and is based on a number of assumptions that the REIT believes are reasonable and is subject to a number of risks and uncertainties, many of which are beyond the REIT's control that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the factors discussed under the heading "Risk Factors" in the REIT's final base shelf short form prospectus dated December 21, 2018 and in the REIT's prospectus supplement dated October 15, 2019, both of which are available at www.sedar.com. The REIT does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. This forward-looking information speaks only as of the date of this news release.
SOURCE Minto Apartment Real Estate Investment Trust
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SOURCE: Minto Apartment Real Estate Investment Trust
Julie Morin, Chief Financial Officer, Minto Apartment Real Estate Investment Trust, Tel: 613.230.7051