Summit Industrial REIT extends C$300 million revolver to 2024

By Marisa Wong

Los Angeles, June 21 – Summit Industrial Income Real Estate Investment Trust said it has extended the maturity date of its C$300 million senior unsecured revolving credit facility for a new three-year term to March 23, 2024.

The credit facility was arranged by a syndicate of five banks with BMO Capital Markets and National Bank of Canada as co-lead arrangers and joint bookrunners, according to a news release.

Interest on any drawn amounts is calculated based on an applicable margin determined by reference to the REIT’s overall leverage ratio.

Currently, C$29 million is drawn and, when combined with about C$10 million of cash on hand, represents roughly C$280 million of available liquidity.

The Toronto-based open-end trust manages a portfolio of light industrial properties across Canada.

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