PHOENIX, May 23, 2018 /PRNewswire/ -- VEREIT, Inc.
(NYSE: VER) ("VEREIT" or the "Company"), a real estate operating
company which owns single-tenant commercial properties, announced
today that it has closed a new $2.9
billion unsecured credit facility to replace its previous
$2.3 billion revolving credit
facility. The new credit facility is comprised of a $2.0 billion unsecured revolving credit facility
(the "Revolving Facility") and a $900.0
million unsecured delayed-draw term loan facility (the "Term
Facility").
The new Revolving Facility has a four-year term ending on
May 23, 2022, with two six-month
extension options and the Term Facility has a five-year term ending
on May 23, 2023.
Wells Fargo Securities, LLC and Merrill Lynch, Pierce, Fenner
& Smith Incorporated served as joint lead arrangers and joint
bookrunners for the new credit facility with Wells Fargo Bank,
National Association as the administrative agent. In addition,
Barclays Bank PLC, BMO Capital Markets Corp., Capital One, N.A.,
Citibank, N.A., JPMorgan Chase Bank, N.A. and U.S. Bank National
Association served as joint lead arrangers.
"We are pleased with the completion of the new credit facility
which enhances our liquidity and gives us further financial
flexibility with upcoming debt maturities," said Michael Bartolotta, Chief Financial Officer of
VEREIT. "We appreciate the support from our long-term banking
partners and our new participants in the facility. Their commitment
reflects the confidence and support in the continued execution of
our business plan."
About the Company
VEREIT is a full-service real estate operating company which
owns and manages one of the largest portfolios of single-tenant
commercial properties in the U.S. The Company has a total asset
book value of $14.5 billion including
approximately 4,100 properties and 94.7 million square feet.
VEREIT's business model provides equity capital to creditworthy
corporations in return for long-term leases on their properties.
VEREIT is a publicly traded Maryland corporation listed on the New York
Stock Exchange. Additional information about VEREIT can be found on
its website at www.VEREIT.com and through social media platforms
such as Twitter and LinkedIn.
Forward-Looking Statements
Information set forth herein (including information included or
incorporated by reference herein) contains "forward-looking
statements" (within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended), which reflect VEREIT's expectations
regarding future events and VEREIT's future financial condition,
results of operations and business including VEREIT's financial
flexibility with respect to its upcoming debt maturities and its
enhanced liquidity. The forward-looking statements involve a number
of assumptions, risks, uncertainties and other factors that could
cause actual results to differ materially from those contained in
the forward-looking statements. Generally, the words "expects,"
"anticipates," "assumes," "targets," "goals," "projects,"
"intends," "plans," "believes," "seeks," "estimates," "may,"
"will," "should," "could," "continues," variations of such words
and similar expressions identify forward-looking statements. These
forward-looking statements are subject to a number of known and
unknown risks, uncertainties and assumptions, most of which are
difficult to predict and many of which are beyond VEREIT's control.
If a change occurs, VEREIT's business, financial condition,
liquidity and results of operations may vary materially from those
expressed in or implied by the forward-looking statements.
The following factors, among others, could cause actual results
to differ from those set forth in the forward-looking statements:
VEREIT's plans, market and other expectations, objectives,
intentions and other statements that are not historical facts; the
developments disclosed herein; VEREIT's ability to execute on and
realize success from its business plan; VEREIT's ability to meet
its 2018 guidance; the unpredictability of the business plans and
financial condition of VEREIT's tenants; risks associated with
tenant, geographic and industry concentrations with respect to
VEREIT's properties; the impact of impairment charges in respect of
certain of VEREIT's properties or other assets; competition in the
acquisition and disposition of properties and in the leasing of its
properties; the inability to acquire, dispose of, or lease
properties on advantageous terms; VEREIT could be subject to risks
associated with bankruptcies or insolvencies of tenants or from
tenant defaults generally; risks associated with pending government
investigations and litigations related to VEREIT's previously
disclosed audit committee investigation; the ability to retain or
hire key personnel; and continuation or deterioration of current
market conditions. Additional factors that may affect future
results are contained in VEREIT's filings with the U.S. Securities
and Exchange Commission (the SEC), which are available at the SEC's
website at www.sec.gov. VEREIT disclaims any obligation to publicly
update or revise any forward-looking statements, whether as a
result of changes in underlying assumptions or factors, new
information, future events or otherwise, except as required by
law.
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SOURCE VEREIT, Inc.