A Black Creek Diversified Property Fund Inc. subsidiary entered into a $775 million credit facility agreement with a syndicate of lenders to amend and restate its existing senior unsecured revolving and term credit facility.
Black Creek Diversified Property Operating Partnership LP secured a $325 million term loan due Jan. 31, 2024, and a $450 million revolver, which matures Jan. 31, 2023, and contains two six-month extension options. The term loan and the revolver are set to be borrowed at London interbank offered rate plus 1.40% and LIBOR plus 1.50%, respectively.
The size of the entire facility can be increased to up to a total of $1 billion from time to time, subject to receipt of lender commitments and other conditions.
The funds will be used for general business purposes, including refinancing of existing debt and financing investments, such as commercial property purchases, according to a release.
The facility was signed with Bank of America NA, Wells Fargo Bank NA, PNC Bank NA, JPMorgan Chase Bank NA, US Bank NA, Regions Bank, BMO Harris Bank NA, Capital One NA, Associated Bank NA, Bank of the West, MUFG Union Bank NA and Raymond James Bank NA.
Additionally, the subsidiary amended and restated its existing senior unsecured term loan credit agreement by signing a $200 million unsecured term loan with the Wells Fargo, Regions Bank, Capital One, MUFG Union Bank and Raymond James Bank.
The loan matures Feb. 27, 2022, with a primary interest based on LIBOR plus a margin ranging from 1.25% to 2.05%. The size of the agreement can be increased to up to $400 million, subject to receipt of lender commitments and other conditions, the company added.