- Alpine Income Property Trust ( NYSE: PINE ) increased its credit facility to $350M, comprising of a $250M unsecured revolving credit facility and the Company’s existing $100M unsecured term loan.
- The Credit Facility includes an accordion option that allows the Company to request additional revolver and 2027 Term loan lender commitments up to a total of $750M.
- The Company’s existing $100 million 2026 senior unsecured term loan will remain outstanding through maturity in January of 2026.
- The credit facility made structural changes to certain financial covenants and includes a sustainability-linked pricing component that reduces the applicable interest rate margin if the Company meets certain sustainability performance targets.
- The revolver refinanced and increased the company’s existing $150M senior unsecured revolving credit facility, which was scheduled to mature in November of 2023.
- The new Revolver will mature in January 2027, with extension options available to extend the maturity date for an additional year to January of 2028. Based on the Company’s current leverage ratio, the initial interest rate for the Revolver will be SOFR plus 165 basis points and a 10-basis point SOFR index adjustment.
- Source: Press Release
For further details see:
Alpine Income Property Trust expands $350M credit facility