NWH.UN Northwest Healthcare Properties Real Estate Investment Trust

TORONTO, Nov. 27, 2023 /CNW/ - Northwest Healthcare Properties Real Estate Investment Trust (the "REIT" or "Northwest") (TSX: NWH.UN) is pleased to announce that holders (the "Debentureholders") of its "Series G" Convertible Unsecured Subordinated Debentures due December 31, 2023 (TSX: NWH.DB.G) (the "Debentures") passed an extraordinary resolution approving certain amendments to the Debentures previously announced (the "Amendments") at a meeting of Debentureholders held today (the "Meeting").

The adoption of the Amendments was overwhelmingly supported by the Debentureholders who voted by proxy or in person at the Meeting, with the adoption being approved by approximately 89.24% of the principal amount of the Debentures voted (either in person at the Meeting or by proxy).

Craig Mitchell, Northwest's CEO, commented, "Management continues to take steps to renegotiate and extend its near-term debt maturities. In addition to several previously announced credit facility and term loan extensions that we have successfully completed in the past few weeks, Debentureholders today voted to extend the maturity of the Series G debentures from December 2023 to March 2025."

"Northwest has eliminated all 2023 debt maturities, and over 60% of its 2024 debt maturities, giving the REIT added financial flexibility. We would like to thank our Debentureholders for their support, as we continue to work to take steps to strengthen our capital structure and set up the REIT for future growth."

It is anticipated that the effective date of the Amendments will be November 27, 2023. The seventh supplemental trust indenture entered into in respect of the Amendments will be available on the REIT's SEDAR+ profile at www.sedarplus.ca.  

Debentureholders that delivered and did not withdraw a valid Form of Proxy or Voting Instruction Form with respect to the Amendments in accordance with the terms and conditions set forth in the management information circular of the REIT sent to Debentureholders in connection with the Meeting (the "Circular"), will receive a cash consent fee, without interest, of $20 per $1,000 principal amount of Debentures held by such Debentureholders as of the record date, being October 13, 2023, (the "Consent Fee"), subject to satisfaction of certain other conditions required for the payment of the Consent Fee set out in the Circular. The REIT will pay the Consent Fee to Debentureholders, as applicable, on or about December 31, 2023.

All dollar amounts referenced in this news release are in Canadian dollars.

Northwest Healthcare Properties Real Estate Investment Trust (TSX: NWH.UN) (Northwest) is an unincorporated, open-ended real estate investment trust established under the laws of the Province of Ontario. The REIT provides investors with access to a portfolio of high-quality international healthcare real estate infrastructure comprised as at September 30, 2023, of interests in a diversified portfolio of 229 income-producing properties and 18.2 million square feet of gross leasable area located throughout major markets in Canada, the United States, Brazil, Europe, Australia, and New Zealand. The REIT's portfolio of medical office buildings, clinics, and hospitals is characterized by long-term indexed leases and stable occupancies. With a fully integrated and aligned senior management team, the REIT leverages over 300 employees in ten offices in eight countries to serve as a long-term real estate partner to leading healthcare operators.

Certain statements contained in this news release are forward-looking statements and are provided for the purpose of presenting information about management's current expectations and plans relating to the future. Readers are cautioned that such statements may not be appropriate for other purposes. These forward-looking statements include statements regarding completion of the Amendments, payment of the Consent Fee, the REIT's financial flexibility and the REIT's capital structure and future growth. In some cases forward-looking information can be identified by such terms as "will", "would", "anticipate", "anticipated", "expect" and "expected". The forward-looking statements in this news release are based on certain assumptions, including that final listing approval of additional units underlying the Debentures is obtained. Such statements are subject to significant known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those expressed or implied by such statements and, accordingly, should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such results will be achieved. Such risks include those risks described in the REIT's current annual information form and management's discussion and analysis, available on SEDAR+ at www.sedarplus.ca, which risks may be dependent on market factors and not entirely within the REIT's control. Although management believes that it has a reasonable basis for the expectations reflected in these forward-looking statements, actual results may differ from those suggested by the forward-looking statements for various reasons. These forward-looking statements reflect current expectations of the REIT as at the date of this news release and speak only as at the date of this news release. The REIT does not undertake any obligation to publicly update or revise any forward-looking statements except as may be required by applicable law.

SOURCE NorthWest Healthcare Properties Real Estate Investment Trust