Glimcher amends credit facility to upsize revolver, remove Libor floor

By Sara Rosenberg

New York, April 1 - Glimcher Properties LP amended and restated its credit facility, increasing the revolver to $250 million from $200 million, removing the Libor floor and easing restrictions on the use of loan proceeds, according to an 8-K filed with the Securities and Exchange Commission on Friday.

Pricing on the facility is Libor plus 400 basis points.

In addition, the amendment provides for two separate one-year extension options from the current maturity date of Dec. 14, 2011 and a $50 million accordion feature.

Additionally, the minimum fixed charge ratio was increased to 1.40:1.0 from 1.35:1.0 beginning March 31, 2012 and to 1.45:1.0 beginning March 31, 2013, and the maximum consolidated debt covenant was lowered to 65% from 70% with a further reduction to 62.5% on March 31, 2012.

Also, the company improved the current collateral package by granting first mortgage liens on three additional properties.

The amendment and restatement was completed on March 30.

KeyBank is the administrative agent on the deal.

Glimcher is a Columbus, Ohio-based real estate investment trust.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.