Brief: Tricon Announces $300 Million Investment Led By Blackstone Real Estate Income Trust Inc

Tricon Residential

27/08/2020 13:18

Aug 27 (Reuters) - Tricon Residential Inc  TCN.TO :
    * TRICON ANNOUNCES $300 MILLION INVESTMENT LED BY BLACKSTONE
REAL
ESTATE INCOME TRUST, INC.
    * TRICON RESIDENTIAL INC -  BLACKSTONE REAL ESTATE, HAS
AGREED TO
MAKE A $300 MILLION PREFERRED EQUITY INVESTMENT THROUGH PURCHASE
OF NEWLY-CREATED UNITS
    * TRICON RESIDENTIAL INC - BREIT WILL ACQUIRE $240 MILLION
OF
PREFERRED EQUITY
    * TRICON RESIDENTIAL INC -  EXCHANGEABLE PREFERRED ISSUANCE
PRICE
OF US$8.50 PER SHARE
    * TRICON RESIDENTIAL INC - EXPECTS TO USE FULL NET PROCEEDS
OF
INVESTMENT TO REPAY ITS CORPORATE CREDIT FACILITY
    * TRICON RESIDENTIAL INC - COMMITTED TO REDUCING ITS
LEVERAGE TO A
NEAR-TERM TARGET OF 50-55% NET DEBT/ASSETS
    * TRICON RESIDENTIAL INC -  FRANK COHEN WILL JOIN TRICON'S
BOARD

Source text for Eikon:  ID:nCNWvcrfca 
Further company coverage:  TCN.TO 

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