/NOT FOR DISTRIBUTION IN THE UNITED
STATES OR OVER UNITED
STATES WIRE SERVICES/
MISSISSAUGA, ON, Feb. 16, 2018 /CNW/ - Morguard North American
Residential Real Estate Investment Trust (the "REIT") (TSX: MRG.UN)
announced today that the syndicate of underwriters, co-led by RBC
Capital Markets and TD Securities, of its recently completed bought
deal offering of $75 million
aggregate principal amount of 4.50% convertible unsecured
subordinated debentures due March 31,
2023 (the "Debentures") have exercised in full their
over-allotment option to purchase an additional $10,500,000 aggregate principal amount of
Debentures.
The REIT intends to use the net proceeds from the exercise of
the over-allotment option to fund future acquisitions, for debt
repayment and for general trust purposes.
The closing of the over-allotment option is expected to occur on
February 21, 2018.
The securities offered have not been, nor will they be,
registered under the United States Securities Act of 1933, as
amended, and may not be offered, sold or delivered, directly or
indirectly, in the United States
or to, or for the account or benefit of, "U.S. persons" (as defined
in Regulation S under the United States Securities Act of 1933, as
amended). This press release does not constitute an offer to sell
or a solicitation of an offer to buy any of the Units in
the United States or to, or for
the account or benefit of, U.S. Persons.
About Morguard North American Residential REIT
The REIT is an unincorporated, open-ended real estate investment
trust which owns, through a limited partnership, interests in a
portfolio of 16 Canadian residential apartment communities, located
in Alberta and Ontario, and 30 U.S. residential apartment
communities located in Colorado,
Texas, Louisiana, Illinois, Georgia, Florida, North
Carolina, Virginia, and
Maryland consisting of
approximately 13,000 residential suites.
Forward-Looking Information
Certain information in this press release may constitute
forward-looking statements that involve a number of risks and
uncertainties, including statements regarding the outlook for the
REIT's business results of operations. Forward-looking statements
use the words "believe", "expect", "anticipate", "may", "should",
"intend", "estimate" and other similar terms, which do not relate
to historical matters. Such forward-looking statements involve
known and unknown risks, uncertainties and other factors that may
cause the actual results, events or developments to be materially
different from any future results, events or developments expressed
or implied by such forward-looking statements. Such factors
include, among others, the following: general economic and business
conditions, both nationally and in the regions in which the REIT
operates; changes in business strategy or development/acquisition
plans; environmental exposures; financing risk; existing
governmental regulations and changes in, or the failure to comply
with, governmental regulations; liability and other claims asserted
against the REIT; and other factors referred to in the REIT's
filings with Canadian securities regulators. Given these
uncertainties, readers are cautioned not to place undue reliance on
such forward-looking statements. The REIT does not assume the
obligation to update or revise any forward looking statements.
SOURCE Morguard North American Residential Real Estate
Investment Trust