One Liberty extends revolver maturity to 2018, lowers pricing

By Toni Weeks

San Luis Obispo, Calif., Jan. 5 – One Liberty Properties, Inc. extended the maturity of its $75 million revolving credit facility to Dec. 31, 2018 from March 31, 2015, according to a press release.

The company also amended the credit agreement to eliminate the 4.75% interest rate floor. Borrowings now bear interest at one-month Libor plus 175 basis points to 300 bps, with the exact margin based on the total debt to total value ratio.

According to One Liberty Properties, interest for the first quarter of 2015 will be about 1.87%, a decrease of roughly 288 bps from the pre-amendment interest rate.

Manufacturers and Traders Trust Co., VNB New York, LLC, Bank Leumi USA and Israel Discount Bank of New York comprise the banking group.

The Great Neck, N.Y., real estate investment trust had an outstanding balance of $13.25 million under the facility as of Dec. 31, the release said.

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