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Armada Hoffler closes on $150 million term loan, $150 million revolver
By Sarah Lizee
Olympia, Wash., Oct. 30 – Armada Hoffler Properties, Inc. closed on a new $300 million unsecured credit facility on Thursday, according to a press release.
The credit agreement provides for a $150 million senior unsecured revolving credit facility and a $150 million senior unsecured term loan.
The new facility replaces the company’s existing $150 million unsecured revolver, which was scheduled to mature on Feb. 20, 2019, and a $125 million term loan maturing Feb. 20, 2020.
The facility includes an accordion feature that allows the total commitments to be increased up to an additional $150 million, subject to conditions.
The facility bears interest at Libor plus a margin between 140 basis points and 200 bps for the revolver and a margin between 135 bps and 195 bps for the term loan, depending on the company’s leverage levels.
The company said some covenants were amended to improve flexibility and align with current market terms.
In addition, the borrowing base availability test was replaced with a set of unencumbered financial covenants, which are tested on a quarterly basis, and the revolver and term loan maturities were extended to 2021 and 2022, respectively.
Also, the revolver contains two six-month extension options, subject to conditions.
Bank of America Merrill Lynch acted as the joint lead arranger and the bookrunner. Bank of America, NA acted as the administrative agent. Regions Bank and PNC Bank, NA each acted as joint lead arranger and syndication agent. Citizens Bank, NA, TD Bank, NA and Synovus Bank also participated.
Armada is a real estate company based in Virginia Beach.
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