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Cole Credit Property Trust V secures $350M credit facility

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Cole Credit Property Trust V secures $350M credit facility

Single tenant retail real estate investment trust Cole Credit Property Trust V Inc. secured a credit facility of up to $350.0 million, comprising $220.0 million in term loans and a revolving credit facility of up to $130.0 million.

The facility in whole can be increased up to a maximum of $750.0 million, subject to certain conditions, with the term loans and the revolver set to mature March 27, 2023, and March 28, 2022, respectively. The revolver carries two six-month extension options.

Additionally, the board of the company established the estimated per share net asset value of its class A and class T common stock, as of Dec. 31, 2017, at $22.18 per share.

JPMorgan Chase Bank N.A. will act as administrative agent, letter of credit issuer, joint lead arranger and joint book runner for the credit facility, along with Bank of America NA acting as syndication agent and line of credit issuer, while Merrill Lynch Pierce Fenner & Smith Inc. and SunTrust Robinson Humphrey Inc. will act as joint lead arrangers and joint book runners.