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With many years of experience in the heavy industrial scaffold industry, Ontario-based Hinton Scaffold Solutions provides highly innovative Alberta Veterinary Laboratories / Solvet: Supporting Canada’s food
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Taking charitable giving to the next level
Empowering employees to support the causes that matter most to them is the best way to maximize charitable Lots of money seeking company acquisitions – The case of private equity
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The last year has been among the most expensive on record for many Canadians. Families and those on Washed up elites need to stop lecturing the people
The ramblings of ex-Prime Ministers, Presidents and CEOs is a feature of all political life, history and cultures. The political timing of Finland’s admission into NATO
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It can be stressful when you have to make important decisions regarding your business. We all want to Reclaiming Canada’s key service export: Tourism
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SmartREIT Announces New Credit Facilities Totaling $500 Million
Smart Real Estate Investment Trust (“SmartREIT”) (TSX:SRU.UN) has
announced that it has entered into an agreement with a syndicate of Canadian financial institutions, led by
The Toronto-Dominion Bank and Canadian Imperial Bank of Commerce, for a new unsecured credit facility (the
“Credit Facility”) totaling $500 million with an accordion option for up to an additional $250 million. The new
Credit Facility replaces the existing $350 million unsecured credit facility maturing in September 2017 and has a
five-year term maturing on May 31, 2022. Participating financial institutions in the Credit Facility include The
Toronto-Dominion Bank, Canadian Imperial Bank of Commerce, Bank of Montreal, Bank of Nova Scotia, Royal
Bank of Canada, Fédération des caisses Desjardins du Québec, HSBC Bank Canada, and National Bank of Canada.
Historically, SmartREIT’s existing unsecured credit facilities have been largely unused. However, the Credit
Facility is now expected to provide shorter term flexibility to support SmartREIT’s multiple growth-oriented
initiatives. The Credit Facility will represent one element of SmartREIT’s funding strategy, which will be coupled
with SmartREIT’s ready access to secured and unsecured financing alternatives from multiple financial institutions
and investors at competitive rates. In addition, SmartREIT’s increasing development pipeline and associated
construction activities are expected to be largely funded by dedicated construction facilities provided by various
banking syndicates at attractive rates for appropriate terms commensurate with each respective project. These
multiple growth-oriented initiatives are being further supported by SmartREIT’s growing unencumbered pool of
high quality shopping centres, equity contributions resulting from SmartREIT’s popular distribution re-investment
program (DRIP), and increasingly through equity ‘creation’ resulting from the realization of significant inherent
value in SmartREIT’s substantial land portfolio.
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