VineBrook amends and extends revolver, shrinks to $350 million

By William Gullotti

Buffalo, N.Y., Feb. 3 – VineBrook Homes Trust, Inc. amended and extended its revolving credit agreement on Jan. 31, according to an 8-K filing with the Securities and Exchange Commission.

The second amendment to the facility extended the maturity date to Jan. 31, 2025. Subject to lender approval, the maturity date may be extended by up to 12 months.

The revolver size was decreased to $350 million from $500 million.

The amendment also added a 50 basis point exit fee on the principal amount of the loan, which is due and payable at the time of any prepayment or release.

In connection with the amendment, VineBrook Homes Operating Partnership, LP will collaterally assign its interest in an interest rate cap with GS Bank USA in the notional amount of $300 million. This collateral assignment will serve to fix an upper limit on the interest rate used for the debt service coverage-based cap on availability under the revolver.

The interest rate itself remained unchanged at SOFR plus 285 bps.

JPMorgan Chase Bank, NA was disclosed as lender, with Computershare Trust Co., NA, acting as calculation agent, payment agent and securities intermediary.

VineBrook Homes is a REIT focused on acquiring, developing, renovating, leasing and operating single-family rental properties primarily located in the midwestern, heartland and southern United States.

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