Centerspace restates revolver for $250 million maturing in 2025

By Wendy Van Sickle

Columbus, Ohio, Sept. 30 – Centerspace, LP and Centerspace, Inc. amended and restated their credit agreement on Thursday to provide for a $250 million revolving credit facility with Bank of Montreal as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

An accordion feature permits commitments to be increased to up to a total of $400 million.

The maturity date was extended to September 2025. There are two six-month extension options.

Borrowings bear interest at Libor plus a margin ranging from 125 basis points to 180 bps, depending on leverage. The initial margin is 135 bps.

BMO Capital Markets Corp., BofA Securities, Inc. and PNC Capital Markets, LLC were joint lead arrangers and bookrunners.

The existing bank term loans totaling $145 million were repaid in full with proceeds from the issuance of $125 million of senior notes.

The owner and operator of apartment communities is based in Minneapolis.

© 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.