Canada's H&R Real Estate Investment Trust landed a C$250 million term loan with an undisclosed Canadian chartered bank.
The committed senior unsecured, nonrevolving term loan will mature in January 2026.
Via an interest-rate swap, the diversified REIT fixed the loan's interest payments at an all-in rate of 3.9% for the full seven-year term.
Following the repayment of existing bank debt using the proceeds from the loan, the company will have approximately C$700 million of unused capacity under revolving credit facilities available with its existing lenders.
The REIT plans to use part of available capacity under its credit facilities for general corporate purposes and to finance property development.