By Cristal Cody
Tupelo, Miss., Sept. 14 – Summit Industrial Income REIT priced C$250 million of 2.15% five-year senior debentures (DBRS: BBB low) on Monday at 99.962, according to a news release.
BMO Nesbitt Burns Inc. and National Bank Financial Inc. were the bookrunners.
Proceeds will be used to repay outstanding debt under the company’s non-revolving bridge credit facility, to fund future acquisitions and for general trust purposes.
Summit Industrial Income REIT is a Brampton, Ont.-based trust that manages a portfolio of light industrial properties in Canada.
| Issuer: | Summit Industrial Income REIT
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| Amount: | C$250 million
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| Description: | Series A senior debentures
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| Maturity: | Sept. 17, 2025
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| Bookrunners: | BMO Nesbitt Burns Inc. and National Bank Financial Inc.
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| Coupon: | 2.15%
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| Price: | 99.962
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| Trade date: | Sept. 14
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| Settlement date: | Sept. 17
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| Rating: | DBRS: BBB low
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| Distribution: | Canada base shelf
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