Loan & DebtJun 15, 2026, 05:31 PM
Innovative Industrial Issues $402.5M 6.00% Exchangeable Senior Notes
AI Summary
IIP Operating Partnership, LP, the operating partnership of Innovative Industrial Properties, Inc., issued $402.5 million aggregate principal amount of 6.00% exchangeable senior notes due 2029. This includes $52.5 million from the full exercise of an option by initial purchasers. The notes are senior unsecured obligations of the Operating Partnership, fully and unconditionally guaranteed by the Company, and were offered in a private placement.
Key Highlights
- IIP Operating Partnership issued $402.5 million in 6.00% exchangeable senior notes due 2029.
- The issuance includes $52.5 million from the full exercise of the initial purchasers' option.
- The notes bear interest at 6.00% per annum, payable semi-annually on June 15 and December 15.
- The initial exchange rate is 14.4113 shares of common stock per $1,000 principal amount of notes.
- This exchange rate is equivalent to an initial exchange price of approximately $69.39 per share.
- The notes are senior unsecured obligations of the Operating Partnership, fully guaranteed by the Company.
- The offering was a private placement under Section 4(a)(2) and Rule 144A of the Securities Act.
Price Impact
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