Innovative Industrial Properties Announces Launch of $200 Million Offering of Senior Notes Due 2026
17 5월 2021 - 9:46PM
Business Wire
Innovative Industrial Properties, Inc. (the “Company”) (NYSE:
IIPR) announced today that its operating partnership, IIP Operating
Partnership, LP (the “Operating Partnership”), has commenced a
private placement, subject to market and other conditions, of $200
million aggregate principal amount of senior notes due 2026 (the
“notes”). The Operating Partnership also expects to grant the
initial purchasers of the notes a 30-day option to purchase up to
an additional $30 million aggregate principal amount of the
notes.
The notes will be the Operating Partnership’s general unsecured
and unsubordinated obligations, will be fully and unconditionally
guaranteed by the Company and the Operating Partnership’s
subsidiaries, and will rank equally in right of payment with all of
the Operating Partnership’s existing and future senior unsecured
indebtedness, including its 3.75% Exchangeable Senior Notes due
2024. The Operating Partnership may redeem some or all of the notes
at its option at any time and from time to time at the applicable
redemption price. Upon a change of control triggering event, the
Operating Partnership will be required to make an offer to purchase
each holder’s notes at a purchase price equal to 101% of the
principal amount thereof, plus accrued and unpaid interest to, but
excluding, the date of purchase.
The Operating Partnership intends to use the net proceeds from
this private offering to invest in specialized industrial real
estate assets that support the regulated cannabis industry that are
consistent with its investment strategy, and for general corporate
purposes.
This press release is neither an offer to sell, nor a
solicitation of an offer to buy, any of these securities and shall
not constitute an offer, solicitation or sale in any jurisdiction
in which such offer, solicitation or sale is unlawful. Any offer of
these securities will be made only by means of a private offering
memorandum.
The notes will be offered only to qualified institutional
buyers pursuant to Rule 144A under the Securities Act of 1933, as
amended (the “Act”). The notes will not be registered under the Act
or any state securities laws, and unless so registered, may not be
offered or sold in the United States except pursuant to an
exemption from the registration requirements of the Act and
applicable state laws. The Operating Partnership does not intend to
apply to list the notes on any securities exchange or automated
dealer quotation system.
About Innovative Industrial Properties
Innovative Industrial Properties, Inc. is a self-advised
Maryland corporation focused on the acquisition, ownership and
management of specialized industrial properties leased to
experienced, state-licensed operators for their regulated cannabis
facilities. Innovative Industrial Properties, Inc. has elected to
be taxed as a real estate investment trust, commencing with the
year ended December 31, 2017.
This press release contains statements that are “forward-looking
statements” within the meaning of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. All statements
other than historical facts, including, without limitation,
statements regarding the offering, the terms of the notes, and the
use of proceeds from the offering, are forward-looking statements.
When used in this press release, words such as we “expect,”
“intend,” “plan,” “estimate,” “anticipate,” “believe” or “should”
or the negative thereof or similar terminology are generally
intended to identify forward-looking statements. Such
forward-looking statements are subject to risks and uncertainties
that could cause actual results to differ materially from those
expressed in, or implied by, such statements. Investors should not
place undue reliance upon forward-looking statements. The Company
disclaims any obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20210517005547/en/
Catherine Hastings Chief Financial Officer Innovative Industrial
Properties, Inc. (858) 997-3332
Innovative Industrial Pr... (NYSE:IIPR)
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