American Finance expands revolving credit facility to $540 million

By Sarah Lizee

Olympia, Wash., Oct. 5 – American Finance Trust, Inc. and American Finance Operating Partnership, LP increased the total commitments under their revolving unsecured corporate credit facility by $125 million, bringing total commitments to $540 million, according to a press release.

The company said the expanded facility provides additional capacity to finance single-tenant net lease and multi-tenant retail assets.

The facility may be expanded under an accordion feature to $915 million.

Borrowings bear interest at Libor plus 160 basis points to 220 bps, depending on the company’s consolidated leverage ratio.

The facility matures on April 26, 2022 with a one-year extension option.

Borrowings will be used to finance portfolio acquisitions and for general corporate purposes.

As of Sept. 30, $261 million was drawn against the facility.

American Finance is a New York-based real estate investment trust focused on acquiring a diversified portfolio of commercial properties, with an emphasis on single-tenant buildings with net leases across the United States.

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