Invesque Inc. Completes Private Placement of Preferred Shares to Funds Managed by Magnetar Financial LLC
|Areas||Corporate Finance and Securities, Tax|
Invesque Inc. (Invesque) completed a private placement of preferred shares in three tranches for proceeds of US$71.5 million to certain funds managed by Magnetar Financial LLC (Magnetar). The first tranche closed on December 22, 2017 and resulted in the issuance of 2,802,009 Class A Series 1 Convertible Preferred Shares to Magnetar at a price of US$9.4575 per share for aggregate gross proceeds of US$26.5 million.
The second tranche closed on February 9, 2018 which resulted in the issuance of 3,172,086 Class A Series 2 Convertible Preferred Shares for aggregate gross proceeds of US$30 million.
The third and final tranche closed on March 29, 2018 which resulted in the issuance of 1,586,042 Class A Series 3, convertible preferred shares for aggregate gross proceeds of US$15 million. Total proceeds of the private placement totalled US$71.5 million.
The proceeds from the investment will be used for the repayment of debt, for general working capital purposes and to fund future acquisitions.
Invesque is a North American health care 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.