Invesque Inc. Completes Previously Announced Bought Deal Offering
TORONTO, ONTARIO, AUGUST 24, 2018 – Invesque Inc. (TSX:IVQ.U) (the “Company”) is pleased to announce that it has completed its previously announced offering of US$50,000,000 aggregate principal amount of 6.00% convertible unsecured subordinated debentures (the “Debentures”) of the Company due September 30, 2023 (the “Offering”). The Offering was underwritten by a syndicate of underwriters led by BMO Capital Markets, National Bank Financial Inc. and CIBC Capital Markets.
The Company intends to use the proceeds from the Offering to repay approximately US$24.5 million of outstanding mortgage indebtedness (including construction loans) on its properties, repay up to approximately US$17 million under its credit facilities and for general corporate purposes.
“The convertible debenture offering reflects our ability to access the capital markets, while executing on our debt strategy,” said Scott Higgs, the Company’s Chief Financial Officer. “We continue to take steps to solidify our balance sheet and drive shareholder value.”
The Debentures were offered pursuant to a prospectus supplement dated August 17, 2018 filed in each of the provinces and territories of Canada, which describes the terms of the Offering. A copy of the prospectus supplement (the “Prospectus Supplement”), as well as the short form base shelf prospectus to which it relates dated March 3, 2017 (the “Base Shelf Prospectus”), is available under the Company’s profile on the SEDAR website at www.sedar.com.
The securities offered pursuant to the Offering have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, (the “1933 Act”) 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 1933 Act), except pursuant to an exemption from the registration requirements of the 1933 Act. This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States or to, or for the account or benefit of, U.S. persons.
About Invesque Inc.
Invesque Inc. is a North American healthcare real estate company with a growing portfolio of high quality properties located in the United States and Canada and operated by best-in-class senior living and care operators primarily under long-term leases and joint ventures. Invesque’s mission is to create long-term shareholder value while providing an investment opportunity that matters. For more information, visit www.invesque.com.
Cautionary Statement Regarding Forward-Looking Information
This news release may contain forward-looking statements (within the meaning of applicable securities laws) relating to the business of the Company and the environment in which it operates. Forward-looking statements are identified by words such as “believe”, “anticipate”, “project”, “expect”, “intend”, “plan”, “will”, “may” “estimate”, “pro forma” and other similar expressions. These statements are based on the Company’s expectations, estimates, forecasts and projections and include, without limitation, statements regarding the and the use of proceeds of the Offering. The forward-looking statements in this news release are based on certain assumptions, including that the proceeds of the Offering will be used as described. They are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, the factors discussed under the heading “Risk Factors” in the Company’s annual information form and the factors described in the Prospectus Supplement and the Base Shelf Prospectus, each of which is available at www.sedar.com. There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the Company assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
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