Innovative Industrial Properties Announces Launch of $300 Million Senior Notes Offering
01 2월 2022 - 10:26PM
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
public offering, subject to market and other conditions, of $300
million aggregate principal amount of senior notes due 2027 (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 and 5.50% Senior Notes due 2026. The Operating Partnership may
redeem some or all of the notes in its sole discretion at any time
in whole or in part at the applicable redemption price. Upon a
change of control triggering event, unless it has previously
exercised its optional redemption right with respect to the notes
in whole, the Operating Partnership will be required to offer to
repurchase each holder’s notes at a price equal to 101% of the then
outstanding principal amount, plus accrued and unpaid interest, if
any, to, but excluding, the date of repurchase.
The Operating Partnership intends to use the net proceeds from
this offering to invest in specialized industrial real estate
assets used in the regulated cannabis industry that are consistent
with its investment strategy, and for general corporate
purposes.
BTIG, LLC is acting as sole book-running manager for the
offering.
The offering of the notes will be made only by means of a
prospectus supplement and the accompanying prospectus. Copies of
the preliminary prospectus supplement, final prospectus supplement
(when available) and the accompanying prospectus may be obtained by
contacting BTIG, LLC at 65 East 55th Street, New York, NY 10022, or
by email at projecttrident@btig.com.
A registration statement relating to these securities has been
declared effective by the Securities and Exchange Commission. This
press release shall not constitute an offer to sell or the
solicitation of an offer to buy any of the offered securities, nor
shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of such state or jurisdiction.
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 the Company
“expects,” “intends,” “plans,” “estimates,” “anticipates,”
“believes” 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/20220131005864/en/
Catherine Hastings Chief Financial Officer Innovative Industrial
Properties, Inc. (858) 997-3332
Innovative Industrial Pr... (NYSE:IIPR)
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