Summit Industrial Income REIT repays, extends C$350 million bridge loan

Chicago, Oct. 20 – Summit Industrial Income REIT has partially repaid its C$350 million non-revolving bridge loan with proceeds from a recent C$250 million sale of 2.15% five-year bonds, according to a press release.

The company has a remaining balance of C$100 million on the facility following the repayment.

Additionally, the loan balance was extended one year on the same terms and conditions to November 2021.

Proceeds were originally to be used for acquisitions.

The company has also received C$30.5 million of new ten-year secured mortgage financing on some of its properties.

Proceeds from the mortgage financing have been used to repay part of the real estate investment trust’s revolving credit facility.

Following the repayment, the balance on the revolver is at approximately C$168 million.

The company’s leverage ratio remains at around 43%. The REIT’s pool of unencumbered assets is over C$1 billion.

Summit Industrial Income REIT is a Brampton, Ont.-based trust that manages a portfolio of light industrial properties in Canada.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.