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Alpine Income Property increases credit facility to $350 million
By Marisa Wong
Los Angeles, Oct. 3 – Alpine Income Property Trust, Inc. announced it amended and restated its senior unsecured credit facility.
The $350 million increased facility is comprised of a $250 million unsecured revolver and an existing $100 million unsecured term loan due 2027, according to a press release.
The company’s other existing $100 million senior unsecured term loan will remain outstanding through its maturity in January 2026.
The revolver refinanced and increased the company’s existing $150 million senior unsecured revolver, which was scheduled to mature in November 2023. The new revolver will mature in January 2027, with extension options available to extend the maturity date for an additional year to January 2028.
The credit facility includes an accordion option that allows the company to request additional revolver and term loan lender commitments up to a total of $750 million.
The company said it made structural changes to some financial covenants under the credit facility, and the facility includes a sustainability-linked pricing component that reduces the applicable interest rate margin if the company meets certain sustainability performance targets.
Based on the company’s current leverage ratio, the initial interest rate for the revolver will be SOFR plus 165 basis points and a 10 bps SOFR index adjustment.
KeyBank Capital Markets Inc., Raymond James Bank, Regions Capital Markets and Huntington National Bank acted as joint lead arrangers for the revolver. KeyBank NA will act as administrative agent. Raymond James Bank, Regions Bank and Huntington National Bank will act as co-syndication agents for the revolver. Bank of Montreal, Truist Bank, PNC Bank, NA and Synovus Bank also participated in the revolver.
KeyBank will act as adviser and sustainability structuring agent.
Alpine is a Winter Park, Fla.-based real estate investment trust that acquires, owns and operates a portfolio of high-quality single-tenant net leased commercial income properties.
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