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Carter Validus lifts credit facility to $700 million, adds lenders
By Marisa Wong
Morgantown, W.Va., May 3 – Carter Validus Mission Critical REIT II, Inc. entered into a third amended and restated credit agreement on April 27 to add lenders and to increase the maximum commitments available under its KeyBank credit facility, according to an 8-K filing with the Securities and Exchange Commission.
The company added BBVA Compass Bancshares, Fifth Third Bank, Mega International Commercial Bank Co., Ltd., United Community Bank, American Momentum Bank, First Tennessee Bank and Premier Bank as lenders and increased the maximum commitments to up to $700 million from $425 million.
The facility now consists of a $450 million revolving line of credit due April 27, 2022, subject to one 12-month extension, and a $250 million term loan due April 27, 2023.
Subject to some conditions, the credit facility can be increased to $1 billion.
In connection with the amendment, the interest rate was lowered to Libor plus an applicable margin ranging from 175 basis points to 225 bps, depending on leverage. The margin was previously set to range from 175 bps to 265 bps.
The unused fee was also reduced to a range of 15 bps to 25 bps from a range of 20 bps to 30 bps.
As of Thursday, $182,029,000 remained to be drawn on the credit facility.
Operating partnership Carter Validus Operating Partnership II, LP is the borrower.
KeyBanc Capital Markets, Inc., BBVA Compass Bancshares, Capital One, NA and SunTrust Robinson Humphrey, Inc. are the joint lead arrangers, and KeyBanc Capital Markets is the bookrunner for the restated credit agreement.
Carter Validus is a Tampa, Fla.-based real estate investment trust with a focus on data center and medical properties.
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