Claros Mortgage Trust increases term loan B amount to $325 million

By Sara Rosenberg

New York, Nov. 24 – Claros Mortgage Trust Inc. upsized its fungible incremental term loan B to $325 million from $250 million, according to a market source.

Pricing on the incremental term loan is Libor plus 500 basis points with a 1% Libor floor and an original issue discount of 97.375.

The incremental term loan has 101 soft call protection for one year.

J.P. Morgan Securities LLC is the lead bank on the deal.

Proceeds will be used for general corporate purposes.

With this transaction, the company will increase pricing on its existing term loan B from Libor plus 325 bps with a 0% Libor floor to match the incremental term loan pricing.

Claros Mortgage Trust is a commercial mortgage real estate investment trust with a focus on lending on large scale, transitional assets.

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