Summit Industrial Income REIT Extends $ 300 Million Unsecured Credit Facility
TORONTO, June 21, 2021 / CNW / – Summit Industrial Income Real Estate Investment Trust (“Summit” or the “REIT”) (TSX: SMU.UN) today announced that it has extended the maturity date of its $ 300 million Senior unsecured revolving credit facility (the “Credit Facility”) for a further 3-year term at March 23, 2024. The credit facility was entered into by a syndicate of five banks with BMO Capital Markets and National Bank of Canada as co-leaders and associate bookkeepers.
Interest on any amount drawn on the Credit Facility is calculated based on an applicable margin determined on the basis of the REIT’s overall leverage ratio. Currently, $ 29 million is drawn under the credit facility, and when combined with approximately $ 10 million of cash in hand, represents approximately $ 280 million available liquidity.
“Our balance sheet and liquidity position remain extremely strong with a lot of flexibility and we are pleased to have announced the extension of our unsecured credit facility at attractive improved financing terms,” commented Dayna gibbs, Chief Executive Officer.
About the Summit
Summit Industrial Income REIT is an unincorporated open-ended trust that focuses on the growth and management of a portfolio of light industrial properties through Canada. Summit units are listed on the Toronto Stock Exchange and trade under the symbol SMU.UN. For more information, please visit our website at www.summitIIreit.com.
Caution regarding forward-looking information
This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “objective”, “in progress”, “may”, “will”, “project”, ” should ”,“ believe ”,“ plans ”,“ intentions ”,“ objective ”and similar expressions are intended to identify forward-looking information or statements. More specifically and without limitation, this press release contains forward-looking statements and information regarding the objective of building the Summit real estate portfolio. Forward-looking statements and information are based on certain key expectations and assumptions made by Summit, including general economic conditions. Although Summit believes that the expectations and assumptions on which these forward-looking statements and information are based are reasonable, one should not place undue reliance on forward-looking statements and information as Summit cannot guarantee that they will prove to be correct. By their nature, this forward-looking information is subject to various risks and uncertainties, which could cause actual results and expectations to differ materially from anticipated results or expressed expectations, and given the impact of the COVID pandemic -19 and government actions to contain it, there is inherently more uncertainty associated with the REIT’s assumptions compared to prior periods. These risks and uncertainties include, but are not limited to, tenant risks, the current economic environment, environmental issues, general insured and uninsured risks and the inability of Summit to obtain the required financing and approvals. . Readers are cautioned not to place undue reliance on such forward-looking information, which is given as of the date hereof, and not to use such forward-looking information for purposes other than those for which it is intended. Summit assumes no obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE Summit Industrial Income REIT
For further information: Dayna Gibbs, COO at (905) 791-1181 ext. 220, [email protected]