DBRS gives Dream Industrial notes BBB

DBRS said it gave a BBB rating to Dream Industrial Real Estate Investment Trust’s C$250 million of 2.539% series D senior unsecured debentures, due Dec. 7, 2026.

The rating is based upon an already-outstanding series of debentures, the agency said. The debentures are also guaranteed, on an unsecured basis, by Dream Industrial LP, a subsidiary of the REIT, and those subsidiaries that are guarantors under Dream Industrial’s unsecured credit facilities.

The proceeds are expected to be used to finance and/or refinance eligible green projects under the company’s green financing framework. Before the allocation, the proceeds may initially be used to fund future acquisitions and development costs, repay debt and for general trust purposes.

“DBRS Morningstar understands that Dream Industrial plans to convert all of the proceeds of the offering into euros through a cross-currency interest rate swap arrangement to lower the effective interest rate on the series D debentures,” the agency said in a press release.

The trend is stable.

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