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Cole Corporate Income lifts revolving credit facility to $150 million
By Toni Weeks
San Luis Obispo, Calif., July 14 – Cole Corporate Income Operating Partnership II, LP amended its revolving credit facility on July 8 to raise the maximum principal amount to $150 million from $100 million, according to an 8-K filing with the Securities and Exchange Commission.
The company also entered into a lender joinder agreement to add U.S. Bank NA as a new lender.
As previously reported, upon meeting certain conditions in the credit agreement, the revolver may be converted to an unsecured credit facility.
Under the agreement, when the credit facility is converted to an unsecured revolving credit facility, the interest rate will change to one-, two-, three- or six-month Libor multiplied by the statutory reserve rate plus 170 basis points to 275 bps, with the exact margin based on the leverage ratio. There is also an unused fee, which will be 25 bps to 30 bps, also based on leverage.
All other terms of the agreement will remain the same as in the original agreement entered into on Jan. 13, 2014.
About $46.8 million of proceeds from the amended facility were used for the purchase price of an office building in Huntsville, Ala., on July 9 as well as for a $14 million repayment made on a revolving line of credit with Series C, LLC.
J.P. Morgan Securities, LLC and Regions Capital Markets are joint lead arrangers and bookrunners. JPMorgan Chase Bank, NA is the administrative agent, swingline lender and letter-of-credit issuer. U.S. Bank is documentation agent, replacing JPMorgan as documentation agent in the previous facility. JPMorgan Chase Bank and Regions Bank are co-syndication agents.
Cole Corporate is the operating partnership of Phoenix-based Cole Office & Industrial REIT (CCIT II), Inc.
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