Slate Retail REIT refinances C$525 million revolving, term loan

By Wendy Van Sickle

Columbus, Ohio, Feb. 24 – Slate Retail REIT refinanced a C$525 million revolving credit facility and term loan and reduced pricing for its C$250 million term loan, according to a Monday news release.

The refinanced revolver and term loan have a four- and five-year term, respectively. The revolver has two six-month extension options.

Pricing on the revolver was reduced by 15 basis points and pricing of the refinanced term loan was lowered by 25 bps.

Additionally, pricing of the C$250 million term loan, due in 2023, was reduced by 25 bps, and its existing covenant package was amended to align with the REIT’s refinanced revolver and term loan.

“Extending Slate Retail’s debt maturity at a reduced cost positions us to capitalize on a robust pipeline of acquisition opportunities for high-quality, grocery-anchored centres across the United States, which are below replacement cost,” Andrew Agatep, the REIT’s chief financial officer, said in the release.

Toronto-based Slate Retail is an open-ended real estate investment trust that focuses on U.S. grocery-anchored real estate.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.