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Nexus Industrial REIT enters C$375 million of credit facilities
By Wendy Van Sickle
Columbus, Ohio, March 2 – Nexus Industrial REIT entered into senior unsecured credit facilities totaling C$375 million with BMO Capital Markets as lead arranger and sole bookrunner, according to a news release.
The facilities comprise a C$190 million revolver, a C$175 million term loan and a C$10 million swingline facility.
Pricing is based on a grid that is initially based on the REIT’s debt to total assets.
At closing, and for so long as the REIT’s debt to total assets is less than 50%, borrowings will be priced at the banker’s acceptance rate plus 170 basis points.
If and when the REIT obtains a credit rating, pricing will instead be based upon that credit rating.
“The unsecured facilities will provide Nexus with a significant increase in financial resources and flexibility to continue our growth plans and represent the completion of the next step in the process of the REIT achieving an institutional quality credit rating,” Kelly Hanczyk, the REIT’s chief executive officer, said in the release.
Based in Toronto, the growth-oriented real estate investment trust focuses on increasing unitholder value through the acquisition of industrial properties in primary and secondary markets in Canada and the ownership and management of its portfolio of properties.
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