By Cristal Cody
Tupelo, Miss., Sept. 15 – Summit Industrial Income REIT gave additional details of its previously reported C$250 million sale of 2.15% five-year senior debentures (DBRS: BBB low), which priced on Monday at 99.962.
The notes priced to yield 2.158%, according to additional details of the offering in a final term sheet.
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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| Co-managers: | CIBC World Markets Inc., RBC Dominion Securities Inc., Desjardins Securities Inc. and Scotia Capital Inc.
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| Coupon: | 2.15%
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| Price: | 99.962
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| Yield: | 2.158%
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| Call features: | Make-whole call before Aug. 17, 2025 at price equal to greater of par and Government of Canada yield plus 45 bps; thereafter at par
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| Change-of-control put: | 101%
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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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