/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE
SERVICES OR FOR DISTRIBUTION IN THE
UNITED STATES./
TORONTO, June 8, 2021 /CNW/ - Tricon Residential Inc.
("Tricon" or the "Company") (TSX: TCN), an owner and operator of
single-family rental homes and multi-family rental apartments in
the United States and Canada, announced today that it has completed
its previously announced public offering (the "Offering") of common
shares of the Company ("Common Shares") to a syndicate of
underwriters co-led by RBC Capital Markets, Scotia Capital,
Morgan Stanley and Stifel GMP (collectively, the "Underwriters") on
a "bought deal" basis.
A total of 15,480,725 Common Shares were issued at a price of
C$13.00 per Common Share for total
gross proceeds to the Company of approximately C$201 million. This includes gross proceeds
from the full exercise of the over-allotment option granted to the
Underwriters to purchase an additional 1,762,726 Common Shares as
well as gross proceeds from the private placement of an additional
256,499 Common Shares to Blackstone Real Estate Income Trust, Inc.
("BREIT") in connection with the exercise of the over-allotment
option and pursuant to BREIT's participation right in respect of
the Offering. Upon completion of the Offering, BREIT's effective
ownership interest in the Company remains at approximately 12.7%
(assuming the exchange of its preferred units of Tricon PIPE LLC
for Common Shares).
The Company intends to allocate substantially all of the net
proceeds of the Offering to fund the Company's future growth
initiatives, including a portion of the capital commitments
expected to be deployed through new and anticipated investment
vehicles, and any balance used to fund other growth initiatives
that may be pursued in the Company's businesses and/or for working
capital and general corporate purposes.
The Common Shares have not been and will not be registered under
the United States Securities Act of 1933, as amended (the "U.S.
Securities Act"), or the securities laws of any state of
the United States, and may not be
offered or sold within the United
States or to, or for the account or benefit of any, U.S.
persons (as such term is defined in Regulation S under the U.S.
Securities Act), except pursuant to transactions exempt from
registration under the U.S. Securities Act and applicable state
securities laws. This news release does not constitute an offer to
sell or a solicitation of an offer to buy any Common Shares in
the United States or to, or for
the account or benefit of, U.S. persons.
About Tricon Residential Inc.
Tricon Residential is an owner and operator of a growing
portfolio of over 31,000 single-family rental homes and
multi-family rental apartments in the
United States and Canada
with a primary focus on the U.S. Sun Belt. Our commitment to
enriching the lives of our residents and local communities
underpins Tricon's culture and business philosophy. We strive to
continuously improve the resident experience through our
technology-enabled operating platform and innovative approach to
rental housing. At Tricon Residential, we imagine a world where
housing unlocks life's potential. For more information visit
www.triconresidential.com.
Forward-Looking Information
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: the
anticipated use of proceeds of the Offering, the expected timing,
terms and benefits thereof, future growth initiatives and available
liquidity and acquisition capacity. 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 assumptions regarding the Company's
future growth initiatives and the impact of COVID-19 on the
Company's operations, business and financial results. 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 the those risks described in the Company's current
annual information form and management's discussion and analysis,
available on SEDAR at www.sedar.com, which risks may be dependent
on market factors and not entirely within the Company'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 Company as at the date of this
news release and speak only as at the date of this news release.
The Company does not undertake any obligation to publicly update or
revise any forward-looking statements except as may be required by
applicable law.
SOURCE Tricon Residential Inc.