By Taylor Fox
New York, Dec. 15 – Dream Industrial REIT priced a private placement of C$250 million of 1.662% senior debentures, series A (DBRS: BBB), according to a news release.
The trust has entered into a cross-currency interest rate swap arrangement to convert the proceeds into euros, which is expected to result in an effective yield of 0.489%
The notes are due Dec. 22, 2025.
The dealer syndicate was led by TD Securities Inc., Scotia Capital Inc. and RBC Dominion Securities Inc.
The proceeds will be utilized to fund future acquisitions, repay existing indebtedness and for general trust purposes.
The Toronto-based open-ended real estate investment trust owns and operates a portfolio of 219 geographically diversified light industrial properties.
| Issuer: | Dream Industrial REIT
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| Issue: | Senior debentures, series A
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| Amount: | C$250 million
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| Maturity: | Dec. 22, 2025
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| Syndicate: | TD Securities Inc., Scotia Capital Inc. and RBC Dominion Securities Inc.
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| Coupon: | 1.662%
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| Effective yield: | 0.489%
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| Trade date: | Dec. 15
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| Settlement date: | Dec. 22
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| Rating: | DBRS: BBB
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