DRI Healthcare Trust Announces Pricing of Initial Public Offering of Trust Units

/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES/

TORONTO, Feb. 10, 2021 /CNW/ – DRI Healthcare Trust (the "Trust") today announced that it has obtained a receipt for its final base PREP prospectus filed with the securities regulatory authorities in each of the provinces of Canada and has entered into an underwriting agreement in respect of its initial public offering, consisting of an aggregate of 36,527,000 units of the Trust at an offering price of US$10.00 per unit, for aggregate gross proceeds of US$365,270,000. The Trust has also granted the underwriters an over-allotment option to purchase up to an additional 5,479,050 units of the Trust at the offering price for additional gross proceeds to the Trust of US$54,790,500 if exercised in full. The over-allotment option can be exercised for a period of 30 days from the closing date of the offering.

The Trust also announced the pricing of its concurrent private placement. The Trust has received subscriptions for an aggregate subscription price of US$34,730,000, resulting in an aggregate of 3,580,407 units of the Trust being issuable.

As a result of the Trust's initial public offering and concurrent private placement, the Trust expects to receive aggregate gross proceeds of US$400,000,000 (or US$454,790,500 if the over-allotment option is exercised in full). Upon completion of the initial public offering and the concurrent private placement, 40,107,407 units of the Trust will be outstanding (or 45,586,457 units if the over-allotment option is exercised in full). The offering is expected to close on February 19, 2021, subject to customary closing conditions.

The Toronto Stock Exchange (the "TSX") has conditionally approved the listing of the Trust's units subject to fulfilling the customary listing requirements. The units are expected to begin trading on the TSX on an "if, as and when issued basis" on February 11, 2021 in U.S. dollars under the symbol "DHT.U" and in Canadian dollars under the symbol "DHT.UN".

The Offering is being made through a syndicate of underwriters co-led by Scotiabank, UBS Securities Canada Inc. and RBC Capital Markets, and including Truist Securities, Inc., BMO Capital Markets, CIBC Capital Markets, National Bank Financial Inc. and Canaccord Genuity Corp.

A copy of the Trust's supplemented PREP prospectus will be available on SEDAR at www.sedar.com on February 11, 2021.

No securities regulatory authority has either approved or disapproved the contents of this press release. This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Trust in any jurisdiction in which such offer, solicitation or sale would be unlawful.

These securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any U.S. state securities laws, and may not be offered,  sold or delivered, directly or indirectly, in the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws or pursuant to an exemption therefrom.

About DRI Healthcare Trust
DRI Healthcare Trust is an unincorporated open-ended trust governed by the laws of the Province of Ontario, externally managed by its manager, DRI Capital Inc. DRI Healthcare Trust provides unitholders with differentiated exposure to the anticipated growth in the global pharmaceuticals and biotechnology markets. Our business model is focused on managing and growing a diversified portfolio of pharmaceutical royalties to deliver attractive growth in cash royalty receipts over the long term.

Forward-Looking Information
This press release contains "forward-looking information" within the meaning of applicable securities laws, including statements with regard to the closing of DRI Healthcare Trust's initial public offering and the Trust's business model and growth prospects. Forward-looking information involves known and unknown risks and uncertainties, many of which are beyond the Trust's control, that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, those described under "Risk Factors" in the Trust's final base PREP prospectus. Forward-looking information is based on management's beliefs and assumptions and on information currently available to management. Although the forward-looking information contained in this press release is based upon what management believes are reasonable assumptions, you are cautioned against placing undue reliance on this information since actual results may vary from the forward-looking information. Unless otherwise noted or the context otherwise indicates, the forward-looking information contained in this press release is provided as of the date of this press release, and the Trust does not undertake to update or amend such forward-looking information whether as a result of new information, future events or otherwise, except as may be required by applicable law.

SOURCE DRI Healthcare Trust

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