Carter Validus ups credit line commitments via KeyBanc to $75 million

By Susanna Moon

Chicago, Nov. 26 ¨C Carter Validus Mission Critical REIT, Inc.'s operating partnership, Carter/Validus Operating Partnership, LP, lifted the commitments under its line of credit to $75 million.

The facility consists of a $37.5 million revolving line of credit due Nov. 19, 2015 and a $37.5 million term loan due Nov. 19, 2016, each with a 12-month extension option.

Interest on the loans is initially Libor plus 325 basis points, based on leverage, with a spread of Libor plus 250 bps to 350 bps.

The company entered into a five-year interest rate swap agreement with KeyBank to fix Libor on the term loan at 0.86%, resulting in an interest rate of 3.36% to 4.36% per year.

The company amended its credit agreement on Nov. 19 with KeyBank NA as agent and KeyBanc Capital Markets as lead arranger and bookrunner, according to an 8-K filing with the Securities and Exchange Commission.

The size of the commitments was raised from $55 million.

As of Nov. 21, the Tampa, Fla.-based company had drawn down $37.5 million under the term loan and about $37.5 million remaining under the revolving line of credit.

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