By Paul A. Harris
Portland, Ore., May 19 – Innovative Industrial Properties, Inc. priced a $300 million issue of five-year senior notes (Egan Jones: BBB+) at par to yield 5½% on Wednesday, according to market sources.
The deal, which came to market targeting a size of $250 million to $300 million, had an investment-grade profile and priced on top of price talk.
BTIG Capital Market Co. ran the books.
The San Diego-based real estate investment trust plans to use the proceeds to invest in specialized industrial real estate assets that support the regulated cannabis industry, consistent with its investment strategy, and for general corporate purposes.
Innovative Industrial Properties is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized industrial properties leased to experienced, state-licensed operators for their regulated cannabis facilities.
Issuer: | Innovative Industrial Properties, Inc.
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Amount: | $300 million
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Maturity: | May 25, 2026
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Securities: | Senior notes
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Bookrunner: | BTIG Capital Market Co.
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Coupon: | 5½%
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Price: | Par
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Yield: | 5½%
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Trade date: | May 19
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Settlement date: | May 25
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Rating: | Egan Jones: BBB+
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Distribution: | Rule 144A and Regulation S
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Price talk: | 5½%
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