Primaris Real Estate Investment Trust announced that it has entered into an agreement to upsize its $400 million revolving credit facility to $600 million, aligning to Primaris' unsecured debt strategy, enhancing financing flexibility and liquidity. The $600 million unsecured syndicated revolving credit facility matures January 4, 2027. Based in part on the Primaris' credit rating of BBB (high), the credit facility bears interest at variable rates of either: Prime plus 0.35% per annum or Adjusted Canadian Overnight Repo Rate Average (CORRA) plus 1.35% per annum.

Six Canadian banks participated in the syndicate, led by CIBC, Scotiabank, TD Securities, and Desjardins Capital Markets, and included National Bank Financial and RBC. Primaris has a well balanced capital structure and a preference for unsecured financing. As previously announced in November 2023, Primaris issued $400 million aggregate principal amount of senior unsecured debentures, consisting of a $100 million aggregate principal amount re-opening of the Series A Debentures maturing March 30, 2027 and a $300 million aggregate principal amount of Series D Debentures maturing June 30, 2029.