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Citizens Financial, SRH Arrange up to $450MM Multi-Currency Revolver for Landmark Infrastructure Partners

November 07, 2018, 08:04 AM
Filed Under: infrastructure

Landmark Infrastructure Partners LP  announced that it has obtained commitments from a syndicate of banks for an amended and restated five-year revolving credit facility with initial borrowing commitments of no less than $450.0 million. The New Credit Facility arranged by SunTrust Robinson Humphrey and Citizens Financial Group replaces the existing revolving credit facility, which is scheduled to mature on November 19, 2019.  Closing of the New Credit Facility is expected in November 2018, subject to customary closing conditions.

Borrowings under the New Credit Facility, among other provisions, (i) are expected to bear interest at a rate equal to LIBOR, plus a spread ranging from 1.75% to 2.25% (determined based on leverage levels); and (ii) up to $75.0 million in loans under the New Credit Facility may be denominated in Pound Sterling, Euro, Australia Dollars and Canadian Dollars.  The New Credit Facility, administered by SunTrust Bank, will be secured by the assets of the respective Borrower, Co-Borrowers and Guarantors (e.g., the unencumbered consolidated subsidiaries of Landmark).  Further, the New Credit Facility will incur a fee ranging from 0.15% to 0.20% (determined based on leverage levels) on unused commitments.

“We are pleased to announce the early refinancing of our revolving credit facility on favorable terms.  The proposed credit facility supports our strategic initiatives for 2019 and beyond.  We appreciate the support and commitment from the participating lenders,” said George Doyle, Chief Financial Officer and Treasurer of the Partnership’s general partner.

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