Morguard North American Residential REIT, 6% Convertible Debenture New Issue

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Morguard North American Residential REIT(MRG.UN) is issuing $50M of 6% Convertible Debentures maturing Mar-31-2028. The conversion price is $24.15, a 30% premium to the $18.55 share price.

The Debentures are not redeemable prior to Mar-31-2026. From Apr-1-2026 to Mar-31-2027, they are redeemable providing the share price is at least 125% of the Conversion Price. From Apr-1-2027 to maturity they are redeemable at par. The REIT may elect, from time to time, to pay interest in units of Morguard North American Residential REIT.

The proceeds will be used to redeem the 4.5% convertible debentures maturing Mar-24-2023.

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