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Morguard N.A. REIT - New Convertible Debenture

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Morguard North American REIT is issuing $70M - 4.5% Convertible Unsecured Subordinated Debentures maturing March 31, 2023. The conversion price is $20.20 compared to the unit price of $15.30 representing a 32% conversion premium. This offering will close on or about February 13, 2018.

The Debentures will not be redeemable on or prior to Mar-31-2021. From Apr-1-2021 to Mar-31-2022, they are redeemable providing provided the market price of the units is not less than 125% of the Conversion Price. From Apr-1-2022 onward redemption is at par.

The proceeds will primarily be used to fund MRG.DB issue that is maturing on Mar-31-2018. This issue pad a 4.65% interest yield and was convertible at $15.50.

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