Carter Validus lifts revolver borrowing base by $23.27 million

By Marisa Wong

Madison, Wis., Oct. 2 - Carter Validus Mission Critical REIT, Inc. increased the borrowing base availability under its $225 million KeyBank NA credit facility by about $23,268,000, according to an 8-K filing with the Securities and Exchange Commission.

Through a wholly owned subsidiary of operating partnership Carter/Validus Operating Partnership, LP, the company entered into a joinder agreement on Sept. 26 adding a newly acquired data center located in Waukesha, Wis., to the collateral pool of the KeyBank facility. Carter/Validus also pledged a security interest in the data center as collateral to secure the facility.

The KeyBank facility consists of a $170 million revolving credit loan due Aug. 9, 2016, subject to a 12-month extension, and a $55 million term loan due Aug. 9, 2017, also subject to a 12-month extension.

The actual amount of credit available under the KeyBank facility is based on loan-to-cost, loan-to-value, debt yield and debt service coverage ratios contained in the credit agreement. As of Sept. 26, the total borrowing base availability was $167,718,000.

As of Sept. 26, the outstanding balance under the credit facility was $55 million, and the company had roughly $112,718,000 remaining available.

The real estate investment trust is based in Tampa, Fla.

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