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American Finance Trust Upsizes Credit Facility to $815M
“Necessity retail” REIT American Finance Trust (AFIN) has restated its existing $540-million unsecured revolving credit facility and increased it to $815 million. The facility may be increased by $435 million via an “accordion” feature for a total of $1.25 billion.
“Thanks to the high-quality underlying assets in AFIN’s portfolio, we were able to expand our credit facility on what we believe to be very attractive terms,” said Michael Weil, CEO of New York City-based AFIN. “We proactively replaced the prior facility early to take full advantage of an active corporate syndication market and provide increased benefits to AFIN with respect to terms and pricing.
“As a continuing part of our de-leveraging strategy, we believe this transaction further strengthens our balance sheet and provides additional flexibility for executing our acquisition and disposition strategies,” he continued.
The facility will be administered by BMO Harris Bank and includes two six-month extension options.
Pictured: AFIN’s Anderson Station property in Anderson, SC.
- ◦Financing
