DBRS gives Summit debentures BBB

DBRS said it gave a BBB (low) rating to Summit Industrial Income Real Estate Investment Trust’s C$250 million of 2.25% series C senior unsecured debentures, due Jan. 12, 2027.

The rating is based on the rating of an already-outstanding debt series of the above-mentioned debt instrument, the agency said.

The debentures are guaranteed, on an unsecured basis, by those REIT’s subsidiaries that are guarantors under its unsecured credit facility, which are initially Summit Industrial Income Operating LP, Summit Industrial Income Corp. and Summit Industrial Income Holdings GP Ltd.

Proceeds are expected to be allocated to fund the financing and/or refinancing of eligible green initiatives as described in its green financing framework. DBRS said it understands that, before allocation of the offering’s net proceeds to eligible green initiatives, the REIT intends to use the proceeds to repay indebtedness, to fund future acquisitions and for general trust purposes.

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