By William Gullotti
Buffalo, N.Y., July 12 – Summit Industrial Income REIT priced C$225 million of 2.44% seven-year senior debentures (DBRS: BBB, low) at 99.968, according to a news release Monday.
BMO Nesbitt Burns Inc. and National Bank Financial Inc. are the bookrunners and are placing the notes on a best-efforts basis.
Summit intends to use the net proceeds to prepay existing fixed-rate debt that matures in 2028 and 2029 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
|
| Amount: | C$225 million
|
| Description: | Series D senior debentures
|
| Maturity: | July 14, 2028
|
| Bookrunners: | BMO Nesbitt Burns Inc. and National Bank Financial Inc.
|
| Coupon: | 2.44%
|
| Price: | 99.968
|
| Pricing date: | June 12
|
| Settlement date: | July 14
|
| Rating: | DBRS: BBB (low)
|
| Distribution: | Canada
|
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