Exchange Income prices notes of $600M offering at 4.32%

Executive Summary

• Exchange Income Corp. has priced an offering of $600 million principal amount of 4.324% senior unsecured notes due March 13, 2031.
• The net proceeds are intended to repay existing indebtedness under the corporation's credit facilities and for general corporate purposes.
• The notes have received a provisional rating of BBB (low) with a stable trend from Morningstar DBRS and are being offered via private placement in Canada.

Key Details

• Principal Amount: $600 million.
• Interest Rate: 4.324%.
• Maturity Date: March 13, 2031.
• Instrument Type: Senior unsecured notes.
• Credit Rating: Provisional rating of BBB (low) with a stable trend by Morningstar DBRS.
• Use of Proceeds: Repayment of existing indebtedness under credit facilities and general corporate purposes.
• Offering Structure: Private placement in each of the provinces of Canada, relying on exemptions from prospectus requirements.
• Guarantees: Senior unsecured obligations ranking equally with other present and future unsecured and unsubordinated indebtedness; guaranteed on a senior unsecured basis by each wholly owned subsidiary that is a guarantor under the corporation's credit facilities.
• Lead Agents/Bookrunners: RBC Capital Markets, CIBC Capital Markets, and National Bank Capital Markets.
• Expected Closing Date: On or about March 13, 2026, subject to customary closing conditions.