New York-based WP Carey concluded the closure of an amended and restated its multicurrency unsecured revolving credit facility, summing to $2.0 billion, alongside €215 million ($235.8 million) and a £270 million ($345 million) term loans.
Multicurrency unsecured revolving credit facility is a type of credit that allows borrowers to draw down, repay, and redraw loans advanced from different national currencies.
The real estate firm said this this revolver will upsize its existing multicurrency unsecured revolving credit facility from $1.8 billion to $2.0 billion, while also extending its maturity by four years to February 14, 2029.
The non-residential real estate firm stated this term loan will refinance two existing loans and extend the maturity date by three years to February 14, 2028, with an optional one-year extension at the firm’s discretion, subject to customary conditions.
“The extension and upsizing of our revolving credit facility demonstrates the continued strength and flexibility of our balance sheet, as well as our access to capital, it also enhances our liquidity, further supporting accretive external growth going forward,” said Jeremiah Gregory, head of Capital Markets at WP Carey.
“We greatly appreciate the support we received from our banks, which is a testament to our longstanding partnerships and their continued commitment to our business,” he added.
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