Dream Industrial Real Estate Investment Trust Announces Offering of C$300 Million Senior Unsecured Debentures, Series I
TORONTO — Dream Industrial REIT (TSX: DIR.UN) (the “Trust” or “Dream Industrial REIT”) announced today that it has priced a private placement of senior unsecured debentures (the “Offering”) consisting of C$300 million aggregate principal amount of 4.416% Senior Unsecured Debentures, Series I maturing on October 22, 2030 (the “Series I Debentures”). In connection with the Offering, the Trust has entered into certain cross-currency fixed and floating interest rate swap arrangements to swap the proceeds of the Offering to Euros.
The Series I Debentures are being offered on an agency basis by a syndicate of agents led by TD Securities Inc., Scotia Capital Inc., RBC Dominion 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 I 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.
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The Series I Debentures will be issued at a price equal to C$1,000 per C$1,000 principal amount and bear interest at a rate of 4.416% per annum, and will mature on October 22, 2030. Interest is payable on the Series I Debentures on April 22 and October 22 of each year, commencing on April 22, 2027. The Series I Debentures will be direct senior unsecured obligations of the Trust and will rank equally and ratably with all other unsecured and unsubordinated indebtedness of the Trust, except to the extent prescribed by law. The closing of the Offering is expected to take place on October 21, 2026.
The Series I Debentures are expected to be rated BBB (high) with a Stable Trend by DBRS, Inc. The Trust intends to use the net proceeds from the Offering to repay existing indebtedness, including indebtedness incurred under the Trust’s unsecured revolving credit facility, and for general trust purposes.
The Series I 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 I Debentures in Canada will be made on a basis which is exempt from the prospectus requirements of such securities laws. The Series I Debentures will not be listed on any stock exchange and there will be no market for such securities. The Series I 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 I Debentures in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Dream Industrial REIT is an owner, manager and operator of a global portfolio of well-located, diversified industrial properties.
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