Owens Realty amends, restates $75 million revolving credit facility

By Sarah Lizee

Olympia, Wash., Sept. 6 – Owens Realty Mortgage, Inc. entered into a second amended and restated credit agreement on Tuesday providing for a $75 million secured revolving credit facility, according to an 8-K filing with the Securities and Exchange Commission.

California Bank & Trust is the administrative agent, swingline lender and a lender. First Bank and Umpqua Bank are additional lenders.

The company may increase the maximum available principal amount to up to $95 million.

The maximum amount available is limited by borrowing base calculations.

At the option of the administrative agent, up to $10 million may be made available as swingline loans.

There is a sublimit facility that permits the company to borrow up to $25 million, subject to some additional limitations, while underlying collateral of the company is being further evaluated by the lenders for transfer to the borrowing base.

Borrowings bear interest at Libor plus a spread ranging from 275 basis points to 300 bps, depending on use. Sublimit borrowings bear interest at Libor plus 350 bps to 375 bps. The commitment fee ranges from zero to 20 bps.

The facility matures May 15, 2020.

As of Tuesday, Owens had borrowed $25,032,700 under the credit agreement, including $854,257 borrowed against the sublimit facility.

The company's maximum borrowing availability was $51,811,422, with $26,778,722 of additional borrowing available, also as of Tuesday.

Owens is a Walnut Creek, Calif.-based specialty finance mortgage company structured to qualify as a real estate investment trust.

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