Capital One Syndicates $400M Loan for Gramercy
Capital One served as administrative agent, sole lead arranger, and sole book runner for an upsized $400 million, 5.25-year, senior unsecured term loan to Gramercy Property Trust. The amended loan is coterminous with the company’s original $175 million loan, and six other financial institutions participated in the loan syndication.
Gramercy’s Jon W. Clark says, “This transaction strengthens our balance sheet and increases our capacity to pursue our acquisition strategy.” The New York-based investor targets industrial assets.
After Gramercy announced a series of acquisitions in August 2017, Capital One approached the company with a range of term loan financing options that would enable it to reduce borrowings from its revolving credit facility, while providing a longer-term capital plan.
Capital One’s John Szeman says, “We saw an opportunity for the company to increase its available liquidity, while reducing its term loan interest expense.”
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