Carter Validus increases credit facility commitments to $315 million

By Wendy Van Sickle

Columbus, Ohio, Oct. 4 – Carter Validus Mission Critical REIT II, Inc.’s operating partnership, Carter/Validus Operating Partnership II, LP, increased the maximum commitments under its credit facility with KeyBank as agent by $50 million to $315 million on Friday, according to an 8-K filing with the Securities and Exchange Commission.

The credit facility consists of a $265 million revolving line of credit, which matures Dec. 22, 2018 and has two one-year extension options, and a $50 million term loan, which matures Dec. 22, 2019 and has a one-year extension period.

The credit agreement amendment also increased interest to Libor plus a margin of 200 basis points to 260 bps from Libor plus 175 bps to 265 bps. The margin continues to depend on leverage and is initially 200 bps.

The unused commitment fee is either 30 bps if the average daily amount outstanding under the credit facility is less than 50% of the lenders’ commitments or 20 bps otherwise.

The actual amount of credit available under the credit facility is a function of certain loan-to-cost, loan-to-value and debt service coverage ratios.

Other terms of the credit facility remain unchanged.

As of Monday, the company had a total pool availability under the credit facility of $252,479,000 and an outstanding principal balance of $135 million.

Carter Validus is a Tampa, Fla.-based real estate investment trust with a focus on data center and medical properties.

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