Skip to content

Cole Credit Property Trust IV Increases Revolving Credit Facility

Cole Credit Property Trust IV Inc., a publicly registered non-traded real estate investment trust, amended its revolving credit agreement which increased its allowable borrowings from $1.28 billion to $1.40 billion. The credit facility may be increased up to a maximum of $1.75 billion, with each increase being no less than $25 million.

The credit facility includes a $1.05 billion unsecured term loan and allows CCPT IV OP, the REIT’s operating partnership, to borrow up to $350 million in unsecured revolving loans. Up to $50 million of the total amount available under the revolving facility may be used for issuing letters of credit.

The credit agreement was reached with JPMorgan Chase Bank as administrative agent, swing line lender, and letter of credit issuer. Bank of America and U.S. Bank are co-syndication agents, and Capital One, Regions Bank, Wells Fargo Bank, National Association and PNC Bank are co-documentation agents.

The term loan matures on March 15, 2022, while the revolving facility matures on March 15, 2021 with a one-year extension option.

The term loan bears interest at a rate equal to the Eurodollar rate plus an applicable rate, while the interest rate on the revolving loans will depend on the type of loan specified by the operating partnership.

As of March 15, 2017, CCPT IV OP had $1.05 billion outstanding under the term loan and $62.0 million of outstanding revolving loans.

Cole Credit Property Trust IV invests in income-producing retail commercial real estate primarily leased to creditworthy tenants under long-term, net leases. The company’s portfolio is comprised of 882 properties, including nine properties owned through joint venture arrangements, totaling 26.5 million square feet. As of September 30, 2016, the company has raised approximately $3.2 billion in investor equity.

For more Cole related news, visit their directory page here.