Granite Real Estate extends, increases credit facility

By Taylor Fox

New York, March 31 – Granite Real Estate Investment Trust extended the maturity date of its credit facility to March 31, 2026 and increased the borrowing capacity to $1 billion from $500 million, according to a news release.

Draws on the facility are available by way of Canadian dollar-, U.S. dollar- or euro-denominated loans or Canadian dollar- or U.S. dollar-denominated letters of credit.

The facility provides Granite the ability to increase the amount of the commitment by up to an additional $500 million with the consent of the participating lenders.

Interest on drawn amounts is calculated based on an applicable margin determined by reference to the external credit ratings of Granite Real Estate and Granite REIT Inc., as is a commitment fee in respect of undrawn amounts.

As of Wednesday, $1 million in letters of credit were issued under the facility, Granite has no other amounts drawn under the credit facility which, combined with $480 million cash on hand, represents $1.5 billion in available liquidity.

Granite REIT is a Toronto-based real estate investment trust that owns and manages mostly industrial, warehouse and logistics properties in North America and Europe.

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