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Alpine (PINE) Taps Debt Market With $60M Unsecured Term Loan
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Alpine Income Property Trust, Inc. (PINE - Free Report) has secured a 5-year, unsecured term loan amounting to $60 million. The debt also offers an accordion option that allows the company access to an additional $160 million.
The term loan will mature in May 2026 and is subject to a pricing grid over LIBOR, depending on the company’s leverage ratio. Concurrent with the term loan, it has fixed LIBOR for the 5-year period and based on Alpine’s current leverage, the interest rate on the debt will be fixed at an initial rate of 2.16%.
Per management, “this term loan allows us to further stagger out future debt maturities and it provides us additional capital to pay down our unsecured revolving credit facility and fund our already robust and growing acquisition pipeline.”
Notably, the company has been on a buying spree and has purchased five net lease properties for a total acquisition volume of $21.9 million in first-quarter 2021.
Also, including extension options, Alpine has no debt maturities until November 2024. Moreover, it has significant capacity available on its revolving credit facility to pursue acquisition opportunities.
Like Alpine, a number of other REITs are tapping the debt markets to benefit from the low interest rates and enhance financial flexibility.
Earlier this month, American Tower Corporation (AMT - Free Report) priced a public offering of senior unsecured notes due 2027, 2029 and 2033 in aggregate principal amounts of €750 million ($911.4 million), €750 million ($911.4 million) and €500 million ($607.6 million), respectively. The net proceeds of the offering are anticipated to be €1,983.1 million ($2,409.8 million), after deducting underwriting discounts and estimated offering expenses. (Read more: American Tower Boosts Flexibility With Notes Offering).
Also, Essex Property Trust, Inc. (ESS - Free Report) , through its operating partnership, Essex Portfolio, L.P., priced a public offering of 2.550% senior notes due 2031, with $300 million in aggregate principal amount.The notes were priced at 99.367% of face value.
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Alpine (PINE) Taps Debt Market With $60M Unsecured Term Loan
Alpine Income Property Trust, Inc. (PINE - Free Report) has secured a 5-year, unsecured term loan amounting to $60 million. The debt also offers an accordion option that allows the company access to an additional $160 million.
The term loan will mature in May 2026 and is subject to a pricing grid over LIBOR, depending on the company’s leverage ratio. Concurrent with the term loan, it has fixed LIBOR for the 5-year period and based on Alpine’s current leverage, the interest rate on the debt will be fixed at an initial rate of 2.16%.
Per management, “this term loan allows us to further stagger out future debt maturities and it provides us additional capital to pay down our unsecured revolving credit facility and fund our already robust and growing acquisition pipeline.”
Notably, the company has been on a buying spree and has purchased five net lease properties for a total acquisition volume of $21.9 million in first-quarter 2021.
Also, including extension options, Alpine has no debt maturities until November 2024. Moreover, it has significant capacity available on its revolving credit facility to pursue acquisition opportunities.
Like Alpine, a number of other REITs are tapping the debt markets to benefit from the low interest rates and enhance financial flexibility.
Earlier this month, American Tower Corporation (AMT - Free Report) priced a public offering of senior unsecured notes due 2027, 2029 and 2033 in aggregate principal amounts of €750 million ($911.4 million), €750 million ($911.4 million) and €500 million ($607.6 million), respectively. The net proceeds of the offering are anticipated to be €1,983.1 million ($2,409.8 million), after deducting underwriting discounts and estimated offering expenses. (Read more: American Tower Boosts Flexibility With Notes Offering).
Also, Essex Property Trust, Inc. (ESS - Free Report) , through its operating partnership, Essex Portfolio, L.P., priced a public offering of 2.550% senior notes due 2031, with $300 million in aggregate principal amount.The notes were priced at 99.367% of face value.
Lastly, Rayonier Inc. (RYN - Free Report) announced a senior notes offering through its operating partnership, Rayonier, L.P., for $450 million in aggregate principal amount. (Read more: Rayonier Prices $450M Senior Notes, To Repay Debt).
Bitcoin, Like the Internet Itself, Could Change Everything
Blockchain and cryptocurrency has sparked one of the most exciting discussion topics of a generation. Some call it the “Internet of Money” and predict it could change the way money works forever. If true, it could do to banks what Netflix did to Blockbuster and Amazon did to Sears. Experts agree we’re still in the early stages of this technology, and as it grows, it will create several investing opportunities.
Zacks’ has just revealed 3 companies that can help investors capitalize on the explosive profit potential of Bitcoin and the other cryptocurrencies with significantly less volatility than buying them directly.
See 3 crypto-related stocks now >>