Innovative Industrial Properties Prices Private Offering of 5.50% Senior Notes Due 2026
20 5월 2021 - 5:06AM
Business Wire
Innovative Industrial Properties, Inc. (the “Company”) (NYSE:
IIPR) announced today that its operating partnership, IIP Operating
Partnership, LP (the “Operating Partnership”), priced a private
offering of $300 million aggregate principal amount of 5.50% Senior
Notes due 2026 (the “notes”). The notes mature on May 25, 2026.
Interest on the notes is payable semiannually on May 15 and
November 15 of each year, with the first payment on November 15,
2021. The offering is expected to close on May 25, 2021, subject to
customary closing conditions.
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 are being offered and will be sold only to
qualified institutional buyers pursuant to Rule 144A under the
Securities Act of 1933, as amended (the “Act”), and to non-U.S.
persons in transactions outside the United States pursuant to
Regulation S under 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.
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 closing of the offering 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/20210519005886/en/
Catherine Hastings Chief Financial Officer Innovative Industrial
Properties, Inc. (858) 997-3332
Innovative Industrial Pr... (NYSE:IIPR)
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