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Hines Global enters into $920 million restated agreement via JPMorgan
By Tali Rackner
Norfolk, Va., July 6 – Hines Global REIT Properties, LP, a majority-owned subsidiary of Hines Global REIT, Inc., entered into a $920 million amended and restated credit agreement on June 29 with JPMorgan Chase Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.
The restated agreement provides an up to $425 million senior unsecured revolving credit facility and a $495 million senior unsecured term loan. Borrowings may be denominated in U.S. dollars, British pounds sterling, euros, Australian dollars or Canadian dollars with aggregate foreign currency commitments constituting up to $400 million of the maximum amount available under the agreement.
The facility may be increased up to a total of $1.25 billion.
Interest is equal to Libor plus 45 basis points to 225 bps, depending on the ratio of debt to total asset value and the type of loan.
The maturity date is June 29, 2019 and may be extended by one year.
As of June 29, Hines had $300 million outstanding under the revolver and $495 million outstanding under the term loan.
The credit agreement also requires the company to maintain certain ratios of debt to total asset value, certain levels of debt service coverage, a minimum net worth and other certain unencumbered value and interest coverage ratios.
J.P. Morgan Europe Ltd. was administrative agent for foreign currencies; Bank of America, NA was syndication agent; Amegy Bank NA, BMO Harris Financing, Inc. and Regions Bank were co-documentation agents; and J.P. Morgan Securities LLC and Bank of America Merrill Lynch were the bookrunners and lead arrangers.
Hines is a real estate investment trust based in Houston.
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