Gladstone amends, ups MetLife facility by $100 million

By William Gullotti

Buffalo, N.Y., Feb. 4 – Gladstone Land Corp. and Gladstone Land LLP, acting as guarantor and borrower respectively, entered into a first amendment to their loan agreement with Metropolitan Life Insurance Co. on Feb. 3, according to an 8-K filing with the Securities and Exchange Commission.

The amendment increases the overall size of the credit facility by adding a new $100 million long-term note maturing Jan. 5, 2032.

The interest rate for disbursements under the term note will be based upon the 10-year U.S. Treasury at the time of disbursement plus 200 basis points.

Additionally, an unused fee ranging from 10 bps to 20 bps, based upon the balance drawn, will be charged on undrawn amounts.

If the full commitment is not used by Dec. 31, 2024, MetLife will no longer be obligated to disburse any remaining funds.

No other terms of the original facility, dated Feb. 20, 2020, were changed.

As part of the amendment, the company paid loan fees of $250,000 to MetLife.

Gladstone is a McLean, Va.-based real estate investment trust.

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