Colony Credit unit increases revolver borrowings to $420 million

By Wendy Van Sickle

Columbus, Ohio, March 26 – Colony Credit Real Estate, Inc. subsidiary Credit RE Operating Co., LLC increased borrowings under its $560 million revolving credit facility to $420 million under a March 20 draw notice, according to an 8-K filing with the Securities and Exchange Commission.

At Dec. 31, the company had $113.5 million outstanding under the credit agreement.

JPMorgan Chase Bank, NA is the administrative agent.

The company said it increased its borrowings as a precautionary measure to increase its cash position and preserve financial flexibility in light of uncertainty resulting from the Covid-19 pandemic.

Borrowings bear interest at Libor plus 225 basis points.

Proceeds may in the future be used for working capital, general corporate or other permitted uses.

Based in Los Angeles, Colony Credit is a commercial REIT.

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