Armada Hoffler expands senior secured revolver to $155 million

By Marisa Wong

Madison, Wis., Oct. 15 - Armada Hoffler Properties, Inc. exercised the accordion feature under its senior secured revolving credit facility on Oct. 10, lifting total commitments by $55 million to $155 million from $100 million, according to an 8-K filing with the Securities and Exchange Commission.

The credit facility's accordion feature allows the company to increase total commitments up to $250 million.

In order to obtain the additional commitments, the company added six properties to the borrowing base of the credit facility, the filing noted.

As of Oct. 15, about $60 million was outstanding under the revolver. The company did not make any additional draws in connection with the accordion exercise.

Armada Hoffler entered into the revolving credit agreement on May 13 with Bank of America, NA as administrative agent, Regions Bank as syndication agent and Bank of America Merrill Lynch as lead arranger and bookrunner.

The real estate company is based in Virginia Beach.

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