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Granite Enters into a $300 Million Committed Seven-Year Unsecured Term Loan
Granite Enters into a $300 Million Committed Seven-Year Unsecured Term Loan Canada...
About this update from Granite Real Estate Investment Trust
[{"type":"text","content":"\n\n\n\nGranite Enters into a $300 Million Committed Seven-Year Unsecured Term Loan\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, Dec. 12, 2018\n\n\n\nTORONTO, Dec. 12, 2018 /CNW/ - Granite Real Estate Investment Trust (\"Granite\") (TSX: GRT.UN; NYSE: GRP.U) announced today that it has entered into a $300 million committed seven-year senior unsecured non-revolving term facility (the \"Term Loan\"). Through a cross currency interest rate swap, Granite has exchanged the principal and interest payments from the Term Loan for euro denominated payments at an all-in 2.20% fixed interest rate. Granite intends to use the net proceeds from the Term Loan for general corporate purposes, including to fund development and property acquisitions.\nIlias Konstantopoulos, Granite's CFO commented that \"We are pleased to have sourced flexible and competitive debt capital from a leading Canadian financial institution that will further enable the execution of our strategy. Pro forma the Term Loan, Granite's interest-bearing debt remains entirely unsecured, provides a natural and partial hedge to our European asset base and cash flows, has a weighted average cost of 2.42%, a weighted average term to maturity of 5.0 years and is entirely at a fixed rate of interest.\" \nABOUT GRANITE\nGranite is a Canadian-based REIT engaged in the acquisition, development, ownership and management of industrial, warehouse and logistics properties in North America and Europe. Granite owns over 85 investment properties representing approximately 33 million square feet of leasable area. \nOTHER INFORMATION \nCopies of financial data and other publicly filed documents are available through the internet on the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR) which can be accessed at www.sedar.com and on the United States Securities and Exchange Commission's Electronic Data Gathering, Analysis and Retrieval System (EDGAR) which can be accessed at www.sec.gov. For further information, please see our website at www.granite...