Exchange Bulletin

DRI Healthcare Trust (DHT.UN, DHT.U) To Trade On Toronto Stock Exchange

February 17, 2021
Issuer: DRI Healthcare Trust (the "Trust")
Security: Units
Symbol: DHT.UN, DHT.U
Issue price per security: US$10.00
Number of securities issued and outstanding: 40,107,407
Number of securities reserved for issuance: 9,489,791
Listing category: Industrial, Exempt Issuer
Trading currencies: CDN$, US$
Transaction: Initial public offering of Units (the "Offering")
Listing date: February 18, 2021 (as at 5:01 p.m.) in anticipation of closing of the Offering
Anticipated closing date: February 19, 2021 (prior to the opening)
Posted for trading date: February 19, 2021 (at the opening) subject to confirmation of closing of the Offering
End of trading on an "if, as and when issued" basis: The units of the Trust ("Units") commenced trading on Toronto Stock Exchange ("TSX") on an "if, as and when issued" basis on Thursday, February 11, 2021. Subject to the closing of the Offering occurring as scheduled prior to the opening of business on Friday, February 19, 2021, trading on an "if, as and when issued" basis will conclude at the close of business on Thursday, February 18, 2021, unless the Offering closing has been delayed.
Other markets: None.
Temporary market maker: National Bank Financial Inc.
Security ownership registration: Non-certificated inventory system administered by CDS.
Investor relations: Rhizza Marbella
Vice President, Corporate Accounting & Investor Relations
(647) 295-4371
Incorporation: The Trust is an unincorporated, open-ended trust established under the laws of the Province of Ontario pursuant to a declaration of trust on October 21, 2020.
Fiscal year end: December 31
Nature of business: The Trust is a newly-formed entity created to provide unitholders with exposure to the pharmaceutical and biotechnology industries through the ownership and acquisition of pharmaceutical royalties.
Transfer agent and registrar: Computershare Investor Services Inc. at its principal office in Toronto.
Distributions: The Trust anticipates paying cash distributions equal to approximately 20% to 30% of its available cash generated on an annual basis, which it defines as cash generated from operating activities, less interest paid, debt repayment obligations on its securitization indebtedness and debt issuance costs. The Trust currently intends to pay such cash distributions in the form of four quarterly cash distributions and one additional special cash distribution.
Assuming that 45,586,457 Units are outstanding after the Offering, the Trust anticipates that the amount of the Trust's quarterly cash distributions initially will be $0.033 per Unit. The Trust's first cash distribution, which will be for the period from and including the Closing Date to March 31, 2021, is expected to be paid on or about April 20, 2021 to unitholders of record on March 31, 2021 and is estimated to be $0.015 per Unit.
Sponsorship: Not applicable.
Offering documents: Final Base PREP Prospectus dated February 10, 2021 and Supplemented PREP Prospectus dated February 10, 2021 which are available at Capitalized terms not otherwise defined herein are as defined in the offering documents.
Initial public offering: The Offering will be comprised of a treasury offering by the Trust of 36,527,000 Units at an offering price of US$10.00 per Unit (the "Offering Price") for gross proceeds of US$365,270,000 to the Trust. In addition, the Trust has granted the Underwriters an over-allotment option to purchase an additional 5,479,050 Units from the Trust at the Offering Price.
Concurrently with the completion of the Offering, DRI Capital Inc. (the "Manager"), certain of its personnel and certain current and former investors in the DRI Capital Funds and certain other investors will purchase from the Trust in a private placement 3,580,407 Units at a price of US$9.70 per Unit.
Additional information: The Units trading under symbol "DHT.U" will be quoted and traded on TSX in US funds and trading information regarding "DHT.U" will appear under the heading "Trading in US Funds" in the TSX Monthly Review.
See TSX Bulletins 2021-0120 dated February 9, 2021 and 2021-0127 dated February 11, 2021.
TSX contact: Chris Birkett,
Managing Director,
Toronto Stock Exchange