new financing again I was not expecting this so soon; seems like every-time a REIT's share price exceeds it's NAV a financing is quickly arranged. There was certainly no hint of this on the conference call..
Summit Industrial arranges $170-million bought deal
2020-11-10 16:42 ET - News Release
Mr. Paul Dykeman reports
SUMMIT INDUSTRIAL INCOME REIT - ANNOUNCES C$170 MILLION BOUGHT DEAL FINANCING
Summit Industrial Income REIT has entered into an agreement with a syndicate of underwriters led by BMO Capital Markets to sell, on a bought deal basis, 12,455,000 units at a price of $13.65 per unit for gross proceeds to Summit of approximately $170-million. In addition, Summit has granted the underwriters an overallotment option to purchase up to an additional 1,868,250 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 Nov. 17, 2020, 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 Nov. 12, 2020. The REIT intends to use the net proceeds from the offering to repay existing indebtedness, to finance future acquisitions and for general trust purposes.