Innovative Industrial Properties Upsizes Debt Issue by 50% to $300 Million
$300 million can buy an awful lot of marijuana... real estate.
Innovative Industrial Properties (NYSE: IIPR), the only cannabis-specialized real estate investment trust (REIT) on the stock market, is upsizing a previously announced debt issue. The company announced Thursday that its operating partnership's upcoming issuance of senior notes will be $100 million larger than the originally planned $200 million.
Innovative added that the notes have been priced and that the issue, being effected in a private offering, is expected to close on May 25. The notes' interest rate is to be 5.5%, which will be paid semi-annually each May 15 and Nov. 15. Their maturity date is May 25, 2026.
Source Fool.com
