NOT FOR DISTRIBUTION IN THE UNITED STATES OR DISSEMINATION THROUGH U.S. NEWS OR WIRE SERVICES
Dream Summit Industrial LP (the “Partnership” or “Dream Summit”) announced today that it has priced a private placement of senior unsecured debentures (the “Offering”) consisting of C$300 million aggregate principal amount of 4.432% Senior Unsecured Debentures, Series J maturing on March 28, 2030 (the “Series J Debentures”).
The Series J Debentures are being offered on an agency basis by a syndicate of agents led by RBC Capital Markets, Scotiabank, TD Securities Inc., CIBC World Markets Inc. and, National Bank Financial Inc. and including BMO Nesbitt Burns Inc., Desjardins Securities Inc. and Mizuho Securities Canada Inc. The Series J Debentures are being offered on a private placement basis in each of the provinces of Canada in reliance upon exemptions from the prospectus requirements under applicable securities legislation.
The Series J Debentures will be issued at a price equal to $1,000 per $1,000 principal amount and bear interest at a rate of 4.432% per annum and will mature on March 28, 2030. Interest is payable on the Series J Debentures on March 28 and September 28 of each year commencing on March 28, 2027. If an interest payment date is not a business day, the payment will be made on the next business day without any additional interest or other payment in respect of any such delay. The Series J Debentures will be direct senior unsecured obligations of the Partnership and will rank equally and ratably with all other unsecured and unsubordinated indebtedness of the Partnership, except to the extent prescribed by law. The closing of the Offering is expected to take place on September 28, 2026.
The Series J Debentures are expected to be rated BBB with a Stable Trend by DBRS Limited. The net proceeds from the Offering will be used by the Partnership to repay existing indebtedness, including, indebtedness incurred under the Partnership’s revolving credit facility and term facility, to fund the Partnership’s acquisition pipeline and for general Partnership purposes.
The Series J Debentures have not been and will not be qualified for sale to the public under applicable securities laws in Canada and, accordingly, any offer or sale of the Series J Debentures in Canada will be made on a basis which is exempt from the prospectus requirements of such securities laws. The Series J Debentures will not be listed on any stock exchange and there will be no market for such securities. The Series J Debentures have not been, and will not be, registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States and may not be offered or sold to other persons who are not residents of a province of Canada.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the Series J Debentures in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Dream Summit Industrial LP
Dream Summit is a limited partnership formed under the laws of the Province of Ontario focused on high-quality industrial properties located in key markets across Canada with an objective of achieving attractive total returns. For more information, please visit https://investors.dream.ca/summit-overview/.
Source : Dream Summit Industrial LP
