Summit Industrial Income REIT closes on new C$300 million revolver

Chicago, March 23 – Summit Industrial Income REIT closed on a new C$300 million unsecured revolving credit facility, according to a press release.

The revolver matures on March 23, 2023 and bears interest based on Banker's Acceptance rate plus 170 basis points or bank Prime rate plus 70 bps.

The new loan replaces the company’s current C$150 million secured revolver.

The new facility was arranged with a syndicate of four banks with BMO Capital Markets and National Bank of Canada working as co-lead arrangers and joint bookrunners.

“This new facility provides us with a significant increase in financial resources and flexibility. We currently have approximately $630 million in unencumbered assets that further enhances our significant liquidity and capacity,” commented Paul Dykeman, chief executive officer, in a news release.

Summit is an open-end trust focused on growing and managing a portfolio of light industrial properties across Canada and based in Toronto.

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