Skip to main content

Summit Industrial Income REIT (SMU-UN-T) Quote - Press Release

Unchecking box will stop auto data updates
TSX Real-Time Last Sale CAD
Today's Change
Volume
Price Quote as of

More stories below advertisement

Summit Industrial Income REIT- Announces C$130 Million Bought Deal Financing

GlobeNewswire - Mon Jun 3, 3:38PM CDT

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Summit Industrial Income REIT ("Summit" or the "REIT") (TSX:SMU-UN.TO) announced today that it has entered into an agreement with a syndicate of underwriters led by BMO Capital Markets (collectively, the "Underwriters") to sell, on a bought deal basis, 10,400,000 Units at a price of $12.50 per Unit for gross proceeds to Summit of approximately $130 million (the "Offering"). In addition, Summit has granted the Underwriters an over-allotment option to purchase up to an additional 1,560,000 Units on the same terms and conditions, exercisable at any time, in whole or in part, up to 30 days after the closing of the Offering. The Offering is expected to close on or about June 12, 2019 and is subject to customary conditions, including approval of the Toronto Stock Exchange. The Units will be offered by way of a prospectus supplement to the REIT's short form base shelf prospectus dated May 28, 2019, which prospectus supplement is expected to be filed with the securities commissions and other similar regulatory authorities in each of the provinces and territories of Canada on or about June 5, 2019. The REIT intends to use the net proceeds from the Offering to repay existing indebtedness, to fund future acquisitions and for general trust purposes.

The Units have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, (the "1933 Act") and may not be offered, sold or delivered, directly or indirectly, in the United States, or to, or for the account or benefit of, "U.S. persons" (as defined in Regulation S under the 1933 Act), except pursuant to an exemption from the registration requirements of the 1933 Act. This press release does not constitute an offer to sell or a solicitation of an offer to buy any Units in the United States or to, or for the account or benefit of, U.S. persons.

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. Forward-looking information may relate to future results, performance, achievements, events, prospects or opportunities for the REIT or the real estate industry, outlook and anticipated events or results. Some of the specific forward-looking statements contained herein include statements with respect to the following: the intention of the REIT to complete the Offering on the terms and conditions described herein; the date on which the closing of the Offering is expected to occur; the timing for the filing of the prospectus supplement; and the use of proceeds of the Offering.

Forward-looking statements necessarily involve known and unknown risks and uncertainties, and there can be no assurance that actual results will be consistent with such forward-looking statements.

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.

For More Information, please contact:

Paul Dykeman, CEO at (902) 405-8813

pmdykeman@sigmarea.com

https://ml.globenewswire.com/media/1a2ad33d-a036-4ddc-aff8-95c859b801e0/small/picture11-jpg.jpg

More stories below advertisement

All market data (will open in new tab) is provided by Barchart Solutions. Copyright © 2019.

Information is provided 'as is' and solely for informational purposes, not for trading purposes or advice. For exchange delays and terms of use, please read disclaimer (will open in new tab).