Killam Apartment REIT closes $77M bought deal

Halifax, NS – Killam Apartment REIT (TSX: KMP.UN) has closed its previously announced public offering, on a bought-deal basis, of 6,088,500 trust units, including 553,500 units on the exercise of an over-allotment option, at a price of $12.65 per unit for gross proceeds of approximately $77 million.

The offering was made pursuant to an underwriting agreement with a syndicate of underwriters led by RBC Capital Markets and including BMO Nesbitt Burns Inc., CIBC World Markets Inc., Scotia Capital Inc., TD Securities Inc., Canaccord Genuity Corp., National Bank Financial Inc., Raymond James Ltd., GMP Securities L.P., Industrial Alliance Securities Inc., Brookfield Financial Securities LP and Eight Capital.

Killam intends to use the net proceeds to redeem the entire principal amount of its $46.0 million 5.45% convertible subordinated debentures, to repay Killam’s credit facility that was used to partially fund the previously announced $49 million apartment acquisition in Ottawa that closed on March 1, 2017, and to fund future property acquisitions and for general trust purposes.

photo credit: Jan Jakub Nanista via unsplash

Ted Liu

Ted Liu, M.Sc. (Mining, Queen's), MBA (Finance, Toronto), is the Editor of Private Capital Journal,,, and the former Editor of Canadian Private Equity. Ted has been passionately tracking Canadian private capital industry since 1992, having most recently served as Research Director for The Canadian Venture Capital and Private Equity Association (CVCA).

Ted is the architect of CVCA infobase, and is the architect of CPE Media's, Canada's most sophisticated and advanced all private capital and public market financing database.