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Gladstone Commercial Amends, Extends and Upsizes Existing Credit Facility

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MCLEAN, Va., — 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 $160 million to $260 million. The term loan component of the facility was upsized by $85 million to $160 million, inclusive of a $38 million delayed funding component, with the revolving credit facility being upsized by $15 million to $100 million. The Company used the net proceeds of the amended, extended and upsized facility to term out previously existing borrowings under the revolving credit facility.

The term loan component has a five-year term with a maturity date of July 2, 2024 and the revolving credit facility has a four-year term with a maturity date of July 2, 2023. The pricing grid for the amended facility was revised with a spread decrease of 10 basis points for both revolving credit and term loan facility borrowings. The Company also executed interest rate caps on the outstanding term loan facility borrowings.

Jay Beckhorn, Treasurer of Gladstone Commercial, stated, “We’re pleased to announce the successful execution of this transaction with the support of our previously existing bank group, led by Key Bank as joint lead arranger and book manager as well as Fifth Third Bank, U.S. Bank, and Huntington Bank as joint lead arrangers. In addition, we’re extremely excited about the inclusion of Wells Fargo Bank and Goldman Sachs as new balance sheet lenders. 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 relationships we’ve cultivated with our existing and new lenders. We believe that this loan execution is a further testament of the performance and growth of our portfolio over the past few years. 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 March 31, 2019, its real estate portfolio consisted of 102 properties located in 24 states, totaling approximately 11.7 million square feet. For additional information please visit www.gladstonecommercial.com.

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See Campaign: http://www.gladstonecommercial.com.
Contact Information:
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

Tags:
, Wire, Wire Real Estate, United States, Latin America, English

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Source: IcrowdNewsWire

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