RBC Capital Markets

RBC Capital Markets in CAPREIT’s $250 million completed offering and over-allotment option

Client

RBC Capital Markets

Value

$250 million

Service

Capital Markets

Date Closed

January 2019

Industry

REITs

Lead Office

Toronto

 

On January 4, 2019, CAP REIT completed its previously announced issue and sale of 5,500,000 units for $45.50 per unit for aggregate gross proceeds of $250,250,000. The offering was sold through a syndicate of underwriters led by RBC Capital Markets on a bought-deal basis. CAPREIT plans to use the net proceeds of the Offering to partially repay the approximately $570 million drawn as of December 21, 2018 on CAPREIT’s acquisition and operating facility in the amount of approximately $239 million, which was utilized by CAPREIT to partially fund previous acquisitions and the remainder for future acquisitions, capital expenditures and for general trust purposes.

Additionally, on January 11, 2019, CAPREIT completed its issuance of an additional 825,000 units for $45.50 per unit for aggregate gross proceeds of $37,537,500, pursuant to the exercise of the over-allotment option granted to the syndicate of underwriters also led by RBC Capital Markets

RBC Capital Markets is a global investment bank providing services in banking, finance and capital markets to corporations, institutional investors, asset managers and governments globally.

Osler, Hoskin & Harcourt LLP advised the underwriters with a team consisting of Chris Murray, Rosalind Hunter and Claire Dunn (Corporate) and Jack Silverson and David Davachi (Tax).