Innovative Industrial Properties, Inc. (“IIP”) (NYSE: IIPR) today announced that its operating partnership, IIP Operating Partnership, LP, has completed its exchange offer for its unregistered 5.50% Senior Notes due 2026. These notes were originally issued on May 25, 2021 in a private placement pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended, in an aggregate principal amount of $300,000,000. The terms of the new series of notes are substantially identical in all material respects to those of the original notes, except for transfer restrictions and registration rights relating to the original notes. In addition, the new notes bear different CUSIP and ISIN numbers than the original notes.
A total of $300,000,000 aggregate principal amount of the original notes, representing 100% of the outstanding principal amount of the original notes, was validly tendered and received prior to the expiration of the exchange offer at 5:00 p.m. eastern time on Wednesday, October 13, 2021.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of such securities in any state or other jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or other jurisdiction. The exchange offer was made only by means of a written prospectus dated September 13, 2021.