Mobile Infrastructure secures $75 million one-year revolver

By William Gullotti

Buffalo, N.Y., April 1 – Mobile Infrastructure Corp. entered into a $75 million one-year revolving credit agreement with KeyBank, according to a press release on Friday.

Borrowings under the facility bear interest at SOFR or alternate base rate plus a margin dependent on the company’s leverage ratio and pool property debt yield. SOFR loans will have an additional margin of 175 basis points to 300 bps, with base rate margins ranging from 75 bps to 200 bps.

The revolver features a $75 million accordion, to be used for future acquisitions and working capital, and the ability to extend the April 2023 maturity.

Proceeds from the facility will be used to refinance certain secured loans and for new acquisitions.

“This transaction enhances our financial flexibility, reduces our cost of debt, and helps to further position us for growth,” said Stephanie Hogue, president and chief financial officer for Mobile Infrastructure, in a news release.

Mobile Infrastructure is a non-listed, publicly registered company that invests primarily in parking lots and garages in the United States.

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