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UMH Properties renews, boosts revolving credit facility

UMH Properties Inc. agreed to renew and expand its existing unsecured revolving credit facility.

Under the agreement, UMH could tap into as much as $125 million in available funds, subject to certain conditions. The facility, which will mature March 27, 2020, with a one-year extension option, facilitates available borrowings of $50 million, up from $35 million, with an accordion feature worth $75 million.

The interest rate for the borrowings is LIBOR plus 1.75% to 2.50% or BMO's prime lending rate plus 0.75% to 1.50%, depending on UMH's leverage ratio.

BMO Capital Markets is the sole lead arranger and sole book runner, while Bank of Montreal is the administrative agent for the syndicated facility.