Carter Validus increases facility to $400 million from $365 million

By Sarah Lizee

Olympia, Wash., Feb. 5 – Carter Validus Mission Critical REIT, Inc. subsidiary Carter/Validus Operating Partnership, LP increased the maximum commitments available under its credit facility to $400 million from $365 million on Thursday, according to an 8-K filing with the Securities and Exchange Commission.

The third amended and restated credit agreement now consists of a revolving line of credit with a maturity date of May 28, 2019, subject to a one-year extension.

Subject to some conditions, the facility can be increased to $750 million.

Additionally, the amendment removed Bank of America, NA as a lender.

Borrowings bear interest at Libor plus a margin that ranges from 175 basis points to 225 bps based on overall leverage of the company. Initially, interest will be Libor plus 175 bps.

In addition, the company pays an unused fee equal to 25 bps if the average daily amount outstanding under the facility is less than 50% of the lenders’ commitments or 15 bps if the average daily amount outstanding under the facility is greater than 50% of the lenders’ commitments.

The actual amount of credit available under the credit facility is a function of certain loan-to-cost, loan-to-value and debt service coverage ratios.

As of Thursday, the unencumbered pool availability under the facility was $285,808,000 and the company had no borrowings outstanding.

Other terms of the facility are unchanged, the filing noted.

KeyBank NA is the administrative agent and Capital One, NA and Suntrust Bank are co-syndication agents. Citizens Bank, NA, Texas Capital Bank, NA, Cadence Bank, NA and Synovus Bank are co-documentation agents and Keybanc Capital Markets LLC, Capital One and Suntrust Robinson Humphrey, Inc. are joint lead arrangers and bookrunners.

Carter Validus is a Tampa, Fla.-based real estate investment trust with a focus on data center and medical properties.

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