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) announced today that it has extended the maturity date of its $300 million senior unsecured revolving credit facility (the "Credit Facility") for a new 3-year term to March 23, 2024. The Credit Facility has been arranged by a syndicate of five banks with BMO Capital Markets and National Bank of Canada as Co-lead Arrangers and Joint Bookrunners.
Interest on any drawn amounts on the Credit Facility is calculated based on an applicable margin determined by reference to the REIT's overall leverage ratio. Currently, $29 million is drawn under the Credit Facility, and when combined with approximately $10 million of cash on hand, represents approximately $280 million of available liquidity.
"Our balance sheet and liquidity position continue to remain extremely strong with lots of flexibility and we are pleased to have announced the extension of our unsecured credit facility on attractive improved financing terms," commented Dayna Gibbs, Chief Operating Officer.
About Summit
Summit Industrial Income REIT is an unincorporated open-end trust focused on growing and managing a portfolio of light industrial properties across Canada. Summit's units are listed on the TSX and trade under the symbol SMU.UN. For more information, please visit our web site at www.summitIIreit.com.
Caution Regarding Forward Looking Information
This news 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", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends", "goal" and similar expressions are intended to identify forward-looking information or statements. More particularly and without limitation, this news release contains forward looking statements and information concerning the goal to build Summit's property portfolio. The 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 such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because Summit can give no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed, and given the impact of the COVID-19 pandemic and government measures to contain it, there is inherently more uncertainty associated with the REIT's assumptions as compared to prior periods. These risks and uncertainties include, but are not limited to, tenant risks, current economic environment, environmental matters, general insured and uninsured risks and Summit being unable to obtain any required financing and approvals. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof, and to not use such forward looking information for anything other than its intended purpose. Summit undertakes no obligation to update publicly 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
Dayna Gibbs, COO at (905) 791-1181 ext. 220, [email protected]
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