Slate Retail REIT Announces Increase in Term Loan and Revolving Credit Facility
TORONTO, ON--(Marketwired - June 12, 2017) - 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) (TSX: 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.
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