CTO Realty Growth Announces $565 Million Credit Facility

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WINTER PARK, Fla., Sept. 21, 2022 (GLOBE NEWSWIRE) — CTO Realty Growth, Inc. (NYSE: CTO) (the “Company” or “CTO”) in the present day introduced that it has efficiently amended its senior unsecured revolving Credit Facility. The amended Credit Facility was elevated to $565 million and is comprised of a $300 million unsecured revolving credit score facility (the “Revolver”), a brand new $100 million unsecured time period mortgage (the “2028 Term Loan”), and the Company’s current $165 million of unsecured time period loans (altogether, the “Credit Facility”). The Credit Facility contains accordion choices that permit the Company to request further Revolver lender commitments as much as a complete of $750 million and extra time period mortgage lender commitments as much as a complete of $500 million.

“We’re very pleased with the improved terms and expanded borrowing capacity of our Credit Facility, and we appreciate the strong support shown by our expanded bank group,” stated Matthew Partridge, Chief Financial Officer of CTO Realty Growth. “With the closing of the Credit Facility, we have no debt maturing until 2025 and we have ample liquidity to execute our investment strategy as we continue to grow our high-quality, retail-focused portfolio.”

The amended Credit Facility features a sustainability-linked pricing element that reduces the relevant rate of interest margin if the Company meets sure sustainability efficiency targets. The Credit Facility additionally transitions the corporate from LIBOR to SOFR borrowings and made structural adjustments to sure monetary covenants.

The amended and restated Revolver was upsized from the Company’s current $210 million senior unsecured revolving credit score facility, which was set to mature in May of 2023. The Revolver will mature in January 2027, with extension choices accessible to increase the maturity for a further 12 months to January of 2028. Based on the Company’s present leverage ratio, the preliminary rate of interest for the Revolver can be SOFR plus 135 foundation factors and a 10-basis level SOFR index adjustment.

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The 2028 Term Loan was absolutely drawn at shut, and proceeds have been used to repay excellent balances on the Company’s Revolver. The 2028 Term Loan has an preliminary rate of interest of SOFR plus 130 foundation factors and a 10-basis level SOFR index adjustment. Subject to market circumstances, the Company intends to repair it’s 2028 Term Loan SOFR publicity using rate of interest swaps.

Bank of Montreal, KeyBanc Capital Markets Inc., Truist Securities, Inc. and Wells Fargo Securities, LLC acted as Joint Bookrunners and Joint Lead Arrangers for the Revolver. Bank of Montreal will act as Administrative Agent and KeyBank, National Association, Truist Bank and Wells Fargo Bank, National Association will act as Co-Syndication Agents for the Revolver. The Huntington National Bank, PNC Bank, National Association, Raymond James Bank, Regions Bank and Synovus Bank additionally participated within the Revolver.

Bank of Montreal, Truist Securities, Inc. and PNC Capital Markets LLC acted as Joint Bookrunners and Joint Lead Arrangers for the 2028 Term Loan. Bank of Montreal will act as Administrative Agent and Truist Bank and PNC Bank, National Association will act as Co-Syndication Agents for the 2028 Term Loan. The Huntington National Bank, KeyBank, National Association and Raymond James Bank additionally participated within the 2028 Term Loan.

BMO Capital Markets Corp. will act as advisor and sole Sustainability Structuring Agent.

About CTO Realty Growth, Inc.

CTO Realty Growth, Inc. is a publicly traded actual property funding belief that owns and operates a portfolio of high-quality, retail-based properties positioned primarily in increased development markets within the United States. CTO additionally externally manages and owns a significant curiosity in Alpine Income Property Trust, Inc. (NYSE: PINE), a publicly traded internet lease REIT.

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We encourage you to overview our most up-to-date investor presentation and supplemental monetary data, which is out there on our web site at www.ctoreit.com.

Safe Harbor

Certain statements contained on this press launch (apart from statements of historic truth) are forward-looking statements throughout the that means of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can usually be recognized by phrases reminiscent of “believe,” “estimate,” “expect,” “intend,” “anticipate,” “will,” “could,” “may,” “should,” “plan,” “potential,” “predict,” “forecast,” “project,” and comparable expressions, in addition to variations or negatives of those phrases.

Although forward-looking statements are made based mostly upon administration’s current expectations and affordable beliefs regarding future developments and their potential impact upon the Company, various components may trigger the Company’s precise outcomes to vary materially from these set forth within the forward-looking statements. Such components could embody, however will not be restricted to: the Company’s potential to stay certified as a REIT; the Company’s publicity to U.S. federal and state revenue tax legislation adjustments, together with adjustments to the REIT necessities; basic opposed financial and actual property circumstances; macroeconomic and geopolitical components, together with however not restricted to inflationary pressures, rate of interest volatility, world provide chain disruptions, and ongoing geopolitical conflict; the last word geographic unfold, severity and length of pandemics such because the COVID-19 Pandemic and its variants, actions which may be taken by governmental authorities to comprise or deal with the influence of such pandemics, and the potential adverse impacts of such pandemics on the worldwide economy and the Company’s monetary situation and outcomes of operations; the lack of main tenants to proceed paying their hire or obligations on account of chapter, insolvency or a basic downturn of their business; the loss or failure, or decline within the business or belongings of PINE; the completion of 1031 change transactions; the supply of funding properties that meet the Company’s funding targets and standards; the uncertainties related to acquiring required governmental permits and satisfying different closing circumstances for deliberate acquisitions and gross sales; and the uncertainties and threat components mentioned within the Company’s Annual Report on Form 10-Okay for the fiscal 12 months ended December 31, 2021 and different dangers and uncertainties mentioned every so often within the Company’s filings with the U.S. Securities and Exchange Commission.

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There might be no assurance that future developments can be in accordance with administration’s expectations or that the impact of future developments on the Company can be these anticipated by administration. Readers are cautioned to not place undue reliance on these forward-looking statements, which communicate solely as of the date of this press launch. The Company undertakes no obligation to replace the data contained on this press launch to mirror subsequently occurring occasions or circumstances.

Contact:   Matthew M. Partridge
    Senior Vice President, Chief Financial Officer and Treasurer
    (407) 904-3324
    mpartridge@ctoreit.com 



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