Granite REIT repays credit facility with some proceeds of debentures

By Wendy Van Sickle

Columbus, Ohio, Dec. 21 – Granite Real Estate Investment Trust said that subsidiary Granite REIT Holdings LP repaid its credit facility with some proceeds of its C$400 million private placement offering of 3.873% series 3 seven-year senior debentures.

Granite also used proceeds for the full redemption of its 4.613% series 1 senior debentures due 2018, according to a press release.

The credit facility had provided bridge financing to repay about C$105 million of Granite's mortgages and construction loans that were due to mature within the next 18 months.

Granite REIT is a Toronto-based real estate investment trust that owns and manages mostly industrial, warehouse and logistics properties in North America and Europe.

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