Slate Retail REIT (TSX: SRT.U) (TSX: SRT.UN) (the "REIT"), an owner and
operator of U.S. grocery-anchored real estate, announced today that it
has increased its existing term loan and revolving credit facility each
by $70 million for an additional $140 million.
The increase in the term loan and revolving credit facility further
enhance the REIT’s liquidity and provides flexibility to capitalize on
future acquisition and redevelopment opportunities.
Proceeds from the increase in the term loan will initially be used to
reduce the outstanding amount on the revolving credit facility.
The following are the new amounts outstanding for each of the revolving
credit facility and term loan:
|
|
|
Maturity
|
|
Amount
|
|
Drawn
(2)
|
|
Available
(2)
|
|
Revolving credit facility
|
|
February 26, 2020(1)
|
|
$362.5 million
|
|
$75.5 million(3)
|
|
$287.0 million(3)
|
|
Term loan
|
|
February 26, 2021
|
|
$362.5 million
|
|
N/A
|
|
N/A
|
|
(1) The REIT has an option to extend the maturity by one year to
February 26, 2021.
(2) Reflects the reduction of the
outstanding amount using the proceeds from the increase in the
term loan.
(3) Amounts will be impacted by the previously
announced acquisitions of Mooresville Consumer Square and the
FL/PA portfolio.
|
No terms, other than the amount, for each of the revolving credit
facility and term loan were modified.
Slate Asset Management L.P. is the REIT's manager.
About Slate Retail REIT (TSX: SRT.U / SRT.UN)
Slate Retail
REIT is a real estate investment trust focused on U.S. grocery-anchored
real estate. The REIT owns and operates over U.S. $1 billion of assets
located across the top 50 U.S. metro markets that are visited regularly
by consumers for their everyday needs. The REIT’s conservative payout
ratio, together with its diversified portfolio and quality tenant
covenants, provides a strong basis to continue to grow unitholder
distributions and the flexibility to capitalize on opportunities that
drive value appreciation. Visit slateretailreit.com to
learn more about the REIT.
About Slate Asset Management L.P.
Slate Asset Management
L.P. is a leading real estate investment platform with over $4.0 billion
in assets under management. Slate is a value-oriented manager and a
significant sponsor of all of its private and publicly-traded investment
vehicles, which are tailored to the unique goals and objectives of its
investors. The firm's careful and selective investment approach creates
long-term value with an emphasis on capital preservation and outsized
returns. Slate is supported by exceptional people, flexible capital and
a proven ability to originate and execute on a wide range of compelling
investment opportunities. Visit slateam.com to
learn more.
For Further Information
Investor Relations
+1 416 644 4264
ir@slateam.com