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Urstadt Biddle gets $80 million four-year revolver led by BNY Mellon
By Susanna Moon
Chicago, Sept. 21 - Urstadt Biddle Properties Inc. said it closed an $80 million four-year unsecured revolving credit agreement with a syndicate of four banks led by Bank of New York Mellon.
Interest on the loans will be Libor plus 150 basis points to 200 bps based on the company's consolidated level of debt. The unused fee is up to 35 bps.
The syndicate also includes Wells Fargo Bank NA, Bank of Montreal and Regions Bank.
The agreement replaces the company's $50 million unsecured revolving credit agreement with BNY Mellon and Wells Fargo Bank, according to a company press release.
The facility gives Urstadt Biddle the option to increase the borrowing capacity up to $125 million.
The maturity date is Sept. 21, 2016 with a one-year extension option.
Proceeds will be used for acquisitions, working capital, capital expenditures, repayment of other debt and the issuance of letters of credit (up to $10 million).
In conjunction with the deal, the company terminated its $30 million secured credit agreement with BNY Mellon.
The $30 million secured line of credit was secured by two of the company's properties, Danbury Square in Danbury, Conn., and Valley Ridge in Wayne, N.J. These two assets will now be available to mortgage if the company chooses, the release noted.
The revolver will continue to provide liquidity the company "needs to be efficient in closing acquisition opportunities as they present themselves in our marketplace," Willing Biddle, the company's president and chief operating officer, said in the release.
Urstadt is a real estate investment trust based in Greenwich, Conn.
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