CatchMark gets revolver, $150 million multi-draw term credit facility

By Angela McDaniels

Tacoma, Wash., Dec. 19 - CatchMark Timber Trust, Inc. entered into an amended and restated credit agreement that provides for a multi-draw term credit facility of up to $150 million and a revolving credit facility of up to $15 million, according to a company news release.

The multi-draw credit facility may be drawn upon five times between now and Dec. 19, 2016. Amounts repaid under the facility may be reborrowed prior to Dec. 19, 2016.

The revolver and the company's existing term loan will mature on Dec. 19, 2018, and the multi-draw credit facility will mature on Dec. 19, 2020.

The new credit facility may be increased by up to $75 million, consisting of up to a $10 million increase in the revolver and the remainder available for incremental term loans.

The multi-draw credit facility may be used to finance domestic timber acquisitions, and the revolver may be used for working capital, to support letters of credit and for other general corporate purposes.

Both facilities currently are undrawn.

In addition, the company announced that it had reduced its outstanding debt by $80 million with the proceeds from its recently completed public offering and completed a refinancing transaction of the remaining $52 million outstanding under its credit facility.

CatchMark is a Norcross, Ga.-based real estate investment trust that owns and leases timberland.

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