ING Summit Industrial Fund LP completes $100 million private placement of unsecured debentures
October 09, 2007
100.00 Million CAD
On October 9, 2007, ING Summit Industrial Fund LP announced that its wholly-owned subsidiary, ING Summit Finance Trust, completed an offering by way of a private placement of C$100 million principal amount of 5.60% Series C Debentures due December 1, 2009. The Debentures are unsecured and are guaranteed by ING Summit Industrial Fund LP. The proceeds are expected to be used to repay other indebtedness and for general corporate purposes.
DBRS has assigned a rating of BBB, with a Stable trend to the Debentures. RBC Capital Markets acted as Lead Agent and Sole Bookrunner together with BMO Capital Markets acting as co-agent.
ING Summit Industrial Fund LP is managed by ING Real Estate Canada LP. ING Real Estate Canada LP is part of the global ING Real Estate business and is one of Canada's largest real estate management companies providing real estate fund management, portfolio management, asset management and property management, including sales, acquisitions, development and leasing.
McCarthy Tétrault LLP advised ING Summit Industrial Fund LP with a team that included Graham Gow, Matthew Cumming, and Andrew Parker.