Gramercy Property Trust Amends and Upsizes Existing Unsecured Term Loan to $400 Million
October 17 2017 - 6:30AM
Business Wire
Gramercy Property Trust (NYSE:GPT) announced today that
it amended and upsized its existing $175 million unsecured term
loan with Capital One, N.A. to $400 million. The amended term loan
was arranged by Capital One, N.A., as sole lead arranger. The
Company intends to use the net proceeds of the amended and upsized
loan to reduce borrowings under its revolving credit facility.
Key modifications to the original agreement include:
- An additional $225.0 million of
proceeds;
- Lower spreads across the pricing grid –
current applicable spread is L + 110, a 42.5 basis point decrease;
and
- A swapped fixed rate of approximately
3.00%, a decrease of 34 basis points from the original
agreement.
The amended unsecured term loan will have a five-year term,
maturing on January 9, 2023. Similar to the original agreement, the
amended term loan will bear interest at a floating rate based upon,
at the Company’s option, either (i) adjusted LIBOR plus an
applicable margin, or (ii) the alternate base rate plus an
applicable margin. The covenants for the amended term loan facility
will also be consistent with the Company’s covenants for its
existing credit facilities.
Jon W. Clark, Chief Financial Officer of Gramercy Property
Trust, stated, “We are excited to announce the successful execution
of this transaction, which will both increase our available
liquidity and reduce our term loan interest rate. This transaction
also highlights the strong relationship we maintain with our
lenders, who have been incredibly supportive of the long-term
vision for Gramercy.”
The borrowers under the amended term loan facility will be GPT
Operating Partnership LP and GPT Property Trust LP, with Gramercy
Property Trust as guarantor.
Company Profile
Gramercy Property Trust is a leading global investor and asset
manager of commercial real estate. The Company specializes in
acquiring and managing high quality, income producing commercial
real estate leased to high quality tenants in major markets in the
United States and Europe.
To review the Company’s latest news releases and other corporate
documents, please visit the Company's website at www.gptreit.com or
contact Investor Relations at 888-686-0112.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171017005426/en/
Gramercy Property TrustAshley M. Mancuso, 212-297-1000Investor
Relations
Gramercy Property Trust (NYSE:GPT)
Historical Stock Chart
From Mar 2024 to Apr 2024
Gramercy Property Trust (NYSE:GPT)
Historical Stock Chart
From Apr 2023 to Apr 2024