Armada Hoffler Properties Inc. obtained a new $150.0 million senior unsecured revolving credit facility due Jan. 24, 2024, with two six-month extension options, and a $205.0 million senior unsecured term loan credit facility due Jan. 24, 2025.
The prior revolver and term loan facility were scheduled to mature on Oct. 26, 2021, and Oct. 26, 2022, respectively.
The diversified real estate investment trust said the credit facility includes an accordion feature that allows the total commitments to be raised to $700.0 million.
The revolver bears interest at the London Interbank Offered Rate plus a margin ranging from 1.30% to 1.85%, while the term loan bears interest at Libor plus a margin ranging from 1.25% to 1.80%, depending on the borrower's total leverage. The borrower is also obligated to pay an unused commitment fee of 15 or 25 basis points on the unused portions of the commitments under the revolver, depending on the amount of borrowings under the facility.
The company aims to use future borrowings under the credit facility for general corporate purposes and working capital.
Bank of America NA is administrative agent, swing line lender and letter of credit issuer. Regions Bank and PNC Bank NA are syndication agents. BofA Securities Inc., Regions Capital Markets and PNC Capital Markets LLC are joint lead arrangers, while BofA Securities Inc. is the sole book runner.
