FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
Skip Navigation LinksHome / News / Read News


BMO Harris Agents $125MM Upsize for American Finance Trust

October 08, 2018, 07:00 AM
Filed Under: Real Estate

American Finance Trust, Inc., a real estate investment trust focused on acquiring and managing a diversified portfolio of primarily service-oriented and traditional retail and distribution related commercial real estate properties in the U.S., announced that upon the request of American Finance Operating Partnership, L.P. and AFIN, as borrower and guarantor, respectively, the lenders under the revolving unsecured corporate credit facility increased the aggregate total commitments under the facility by $125 million bringing total commitments to $540 million.

BMO Harris Bank N.A., served as administrative agent, Citizens Bank, N.A. and SunTrust Robinson Humphrey, Inc., as joint lead arrangers, and the lenders from time to time party thereto. Compass Bank and Synovus Bank have joined as lenders to the credit facility.

The expanded facility affords AFIN additional capacity to finance single-tenant net lease and multi-tenant retail assets. The Credit Facility may be expanded under an "accordion" feature to $915 million subject to obtaining additional lender commitments. Borrowings will be used to finance portfolio acquisitions and for general corporate purposes.  As of September 30th$261 million was drawn against the facility.

Commenting on the increase and expansion, Chief Executive Officer Michael Weil remarked, "The $125 million increase in the facility delivers AFIN additional flexibility as we pursue corporate initiatives.  We value the confidence this expanded group has about our portfolio and investment strategy and appreciate the significant commitments to the facility offered by Compass Bank and Synovus Bank."

The Credit Facility matures on April 26, 2022. AFIN will have a one-time right to extend the maturity date beyond April 26, 2022 for an additional term of one year.

Borrowings under the Credit Facility will bear interest at LIBOR plus an applicable margin ranging from 1.60% to 2.20%, depending on the Company's consolidated leverage ratio.

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.