Northwest Healthcare Properties REIT announced a CAD 75 million offering of 7.75% convertible unsecured subordinated debentures on April 20, 2023, which closed on April 27, 2023. The debentures, due April 30, 2028, are convertible at CAD 10.55 per unit and pay semi-annual interest.

The offering was co-led by Scotia Capital Inc. and RBC Dominion Securities Inc., with support from CIBC World Markets Inc., National Bank Financial Inc., BMO Nesbitt Burns Inc., Raymond James Ltd., TD Securities Inc., iA Private Wealth Inc., and Laurentian Bank Securities Inc. Goodmans LLP advised the REIT, and McMillan LLP represented the underwriters.

Net proceeds of approximately CAD 72.2 million will be used to repay short-term variable-rate debt and for general purposes. The debentures and related units are conditionally approved for listing on the Toronto Stock Exchange.