Alpine Income Property Trust Announces Expanded $350 Million Credit Facility
October 03 2022 - 7:30AM
Alpine Income Property Trust, Inc. (NYSE: PINE) (the “Company”)
today announced that it has successfully amended and restated its
senior unsecured Credit Facility. The Credit Facility was increased
to $350 million and is comprised of a $250 million unsecured
revolving credit facility (the “Revolver”) and the Company’s
existing $100 million unsecured term loan (the “2027 Term Loan”)
(together, the “Credit Facility”). 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
$750 million. The Company’s existing $100 million 2026 senior
unsecured term loan will remain outstanding through maturity in
January of 2026.
“We appreciate and value the strong support
shown by our expanded bank group. With the closing of the Credit
Facility and our recent interest rate hedging activities, we now
have no debt maturing until 2026, minimal floating interest rate
exposure, and meaningful liquidity to accretively execute our
retail net lease investment strategy,” said Matthew Partridge,
Chief Financial Officer of Alpine Income Property Trust.
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 $150
million 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.
KeyBank Capital Markets Inc., Raymond James
Bank, Regions Capital Markets and The Huntington National Bank
acted as Joint Lead Arrangers for the Revolver.
KeyBank National Association will act as Administrative Agent and
Raymond James Bank, Regions Bank and The Huntington National Bank
will act as Co-Syndication Agents for the Revolver. Bank of
Montreal, Truist Bank, PNC Bank, National Association, and Synovus
Bank also participated in the Revolver.
KeyBank National Association will act as advisor
and sole Sustainability Structuring Agent.
About Alpine Income Property Trust,
Inc.
Alpine Income Property Trust, Inc. (NYSE: PINE)
is a publicly traded real estate investment trust that acquires,
owns and operates a portfolio of high-quality single-tenant net
leased commercial income properties.
We encourage you to review our most recent
investor presentation which is available on our website at
http://www.alpinereit.com.
Safe Harbor
This press release may contain “forward-looking
statements.” Forward-looking statements include statements that may
be identified by words such as “could,” “may,” “might,” “will,”
“likely,” “anticipates,” “intends,” “plans,” “seeks,” “believes,”
“estimates,” “expects,” “continues,” “projects” and similar
references to future periods, or by the inclusion of forecasts or
projections. Forward-looking statements are based on the Company’s
current expectations and assumptions regarding capital market
conditions, the Company’s business, the economy and other future
conditions. Because forward-looking statements relate to the
future, by their nature, they are subject to inherent
uncertainties, risks and changes in circumstances that are
difficult to predict. As a result, the Company’s actual results may
differ materially from those contemplated by the forward-looking
statements. Important factors that could cause actual results to
differ materially from those in the forward-looking statements
include general business and economic conditions, continued
volatility and uncertainty in the credit markets and broader
financial markets, risks inherent in the real estate business,
including tenant defaults, potential liability relating to
environmental matters, illiquidity of real estate investments and
potential damages from natural disasters, the impact of the
COVID-19 Pandemic and its variants on the Company’s business and
the business of its tenants and the impact on the U.S. economy and
market conditions generally, other factors affecting the Company’s
business or the business of its tenants that are beyond the control
of the Company or its tenants, and the factors set forth under
“Risk Factors” in the Company’s Annual Report on Form 10-K for the
year ended December 31, 2021 and other risks and uncertainties
discussed from time to time in the Company’s filings with the U.S.
Securities and Exchange Commission. Any forward-looking statement
made in this press release speaks only as of the date on which it
is made. The Company undertakes no obligation to publicly update or
revise any forward-looking statement, whether as a result of new
information, future developments or otherwise.
Contact: |
Matthew M. PartridgeSenior Vice
President, Chief Financial Officer & Treasurer(407)
904-3324mpartridge@alpinereit.com |
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