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Bank Syndicate Extends, Upsizes Credit Facility for Gladstone Commercial

August 19, 2022, 07:14 AM
Filed Under: Real Estate

Gladstone Commercial Corporation amended, extended and upsized its syndicated revolving credit and term loan facility from $325 million to $480 million. The term loan component was upsized by $135 million, while the revolving credit facility was upsized by $20 million. The company used the net proceeds to repay maturing mortgage loans and borrowings under the revolving credit facility. The increased availability under the facility will provide liquidity for future acquisitions and business operations.

The new $140 million Term Loan C component matures in February 2028, the existing $160 million Term Loan A maturity is extended to August 2027 and the revolving credit facility maturity extends to August 2026.

"We are pleased to announce the successful execution of this transaction with the support of our bank group, led by Key Bank as joint lead arranger and book manager, as well as Bank of America, Fifth Third Bank, Huntington Bank as joint lead arrangers. The upsized facility provides us with significant liquidity and a favorable extended debt maturity profile going forward," remarked Jay Beckhorn, Treasurer of Gladstone Commercial.

"We're very pleased to welcome Bank of America as a new joint lead arranger as well as Synovus Bank, United Bank, and First Financial Bank as new lenders. This new facility will be instrumental in our continued growth," said Gary Gerson, Chief Financial Officer of Gladstone Commercial.

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