Inland Real Estate Income Trust Inc. amended a credit agreement providing for a $350 million facility.
The credit facility comprises a $200 million revolver due Aug. 1, 2022, with a conditional one-year extension option, and a $150 million term loan due Aug. 1, 2023. The revolver includes a $25 million sub-limit for swingline loans and a $25 million sub-limit for letters of credit. The credit facility may be upsized to an aggregate of $700 million.
Inland and its subsidiaries may use the proceeds for debt repayment, property acquisitions and permitted investments, capital expenditures and development and redevelopment, among other general corporate functions, according to an Aug. 7 filing.
Subject to adjustments based on the company's leverage ratio, initial borrowing rates may be equal to the London Interbank Offered Rate base rate plus a margin range of 130 basis points to 210 basis points for the revolver and 125 basis points to 205 basis points for the term loan, or the alternate base rate plus a margin range of 30 basis points to 110 basis points for the revolver and 25 basis points to 105 basis points for the term loan.
Inland has $47.5 million outstanding under the revolver and $50 million outstanding under the term loan.
KeyBank NA was the administrative agent under the credit agreement, with KeyBanc Capital Markets Inc., PNC Capital Markets LLC and Merrill Lynch Pierce Fenner & Smith Inc. serving as joint lead arrangers.