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KeyBank Agents Revolver Upsize to $375MM for Jernigan Capital
Friday, March 27, 2020

Lenders/Participants KeyBank [Lead Lender]
BMO Harris Bank [Lead Lender]
Truist Bank [Lender]
Synovus Bank [Lender]
Iberiabank [Lender]
Structure Senior Secured Revolver
Amount $375.000 Million
Borrower(s) Jernigan Capital, Inc.
Description The $375 million credit facility, which has an accordion feature permitting expansion up to $750 million, subject to certain conditions including obtaining additional commitments from lenders, has a three-year term that expires March 24, 2023 and two one-year extension options.The primary highlights of the new facility include: Upsized to $375 million from $235 million; Credit spreads lowered by 15-25 basis points with no LIBOR floor; Maturity extended by approximately 1 ¼ years to March 24, 2023, plus extensions; Financial covenant package updated to support the Company’s growth plan; Added three new banks including Truist Bank, Synovus Bank and IberiaBank. Borrowings under the credit facility are secured by three separate pools of collateral: one consisting of the Company’s development property investments, one consisting of non-stabilized self-storage properties wholly-owned by the Company, and the last consisting of stabilized self-storage properties wholly-owned by the Company. Advances under the credit agreement bear interest at rates between 210 and 300 basis points over 30-day LIBOR. These spreads are 15 to 25 basis points lower than the spreads under the previous credit facility, which were 225 and 325 basis points, respectively. There is no LIBOR floor.
Industry Specialty Industries
Related Tags BMO Harris Bank, Iberiabank, KeyBank, Synovus Bank, Truist Bank

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