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Innovative Industrial Properties to sell senior notes due 2027
Chicago, Feb. 1 – Innovative Industrial Properties, Inc. plans to sell an offering of senior notes due 2027, according to a 424B5 filing with the Securities and Exchange Commission.
The notes will be offered by IIP Operating Partnership, LP and guaranteed by Innovative Industrial.
There is the possibility of a step-up in the interest rate if the company’s debt rating is downgraded.
There will be a make-whole call and then a par call.
If there is a change of control, the company will be required to offer to purchase the notes at 101.
BTIG LLC is the bookrunner.
TMI Trust Co. is the trustee.
Foley & Lardner, LLP is advising the issuer. DLA Piper LLP acted as counsel to the underwriters.
Proceeds will be used to invest in specialized industrial real estate assets used in the regulated cannabis industry consistent with the company’s 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.
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