Gladstone Commercial Amends, Extends and Upsizes Existing Credit Facility
October 31 2017 - 7:30AM
Gladstone Commercial Corporation (NASDAQ:GOOD) ("Gladstone
Commercial" or the “Company”), a real estate investment trust
focused on acquiring, owning and operating net leased industrial
and office properties, announced today that it amended, extended
and upsized its existing, syndicated revolving credit and term loan
facility from $110 million to $160 million. The term loan component
of the facility was upsized by $50 million to $75 million with the
revolving credit facility remaining unchanged at $85 million. The
Company used the net proceeds of the amended and upsized facility
to term out all previously existing borrowings under the revolving
credit facility.
The term loan facility has a five year term with
a maturity date of October 27, 2022 and the revolving credit
facility has a four year term with a maturity date of October 27,
2021. The pricing grid for the amended facility was revised with a
spread decrease of 25 basis points for both revolving credit and
term loan facility borrowings. The Company also executed interest
rate caps on the entire term loan facility.
Jay Beckhorn, Treasurer of Gladstone Commercial,
stated, “We’re pleased to announce the successful execution of this
transaction with the support of our bank group, led by Key Bank and
joined by Fifth Third Bank, U.S. Bank, and Huntington Bank. It
provides us with significant liquidity, a dramatically extended
debt maturity profile as well as an improved interest rate on this
debt going forward.”
Mike Sodo, Chief Financial Officer of Gladstone
Commercial, added, “This transaction demonstrates the strong
relationship we’ve cultivated with our lenders. We believe that
this facility will further position us to achieve the long-term
goals of our company.”
About Gladstone Commercial
Corporation (NASDAQ:GOOD)Gladstone Commercial is a
real estate investment trust focused on acquiring, owning and
operating net leased industrial and office properties across the
United States. As of June 30, 2017, its real estate portfolio
consisted of 94 properties located in 24 states, totaling
approximately 10.7 million square feet. For additional information
please visit www.gladstonecommercial.com.
Investor
Inquiries: |
|
Bob
Cutlip |
President – Gladstone
Commercial Corporation |
(703) 287-5878 |
Bob.Cutlip@gladstonecompanies.com |
Mike
Sodo |
Chief Financial Officer
– Gladstone Commercial Corporation |
(703) 287-5853 |
Mike.Sodo@gladstonecompanies.com |
|
All statements contained in this press release,
other than historical facts, may constitute "forward-looking
statements" within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. Words such as "anticipates," "expects,"
"intends," "plans," "believes," "seeks," "estimates" and variations
of these words and similar expressions are intended to identify
forward-looking statements. Readers should not rely upon
forward-looking statements because the matters they describe are
subject to known and unknown risks and uncertainties that could
cause the Company's business, financial condition, liquidity,
results of operations, funds from operations or prospects to differ
materially from those expressed in or implied by such statements.
Such risks and uncertainties are disclosed under the caption "Risk
Factors" of the Company's Annual Report on Form 10-K for the fiscal
year ended December 31, 2016, as filed with
the SEC on February 15, 2017, and other reports
filed with the SEC. The Company cautions readers not to place
undue reliance on any such forward-looking statements which speak
only as of the date made. The Company undertakes no obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise.
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