Campus Crest Communities, Inc. (NYSE: CCG) announced today that it has amended and restated its unsecured credit facility, which is now comprised of a $250 million revolver and a $50 million term loan. This transaction is a significant milestone for the Company for several reasons:
- Increases facility size from $200 million to $300 million, with an accordion feature of up to $600 million (1)
- Extends initial term to four years with a one-year extension option (1)
- Provides ability to fully fund development properties while receiving borrowing base credit, which will make the development financing process more cost and time efficient
- Reduces pricing on the leverage-based grid
- Demonstrates support of existing bank group and adds new participants
“This is a solid step in our corporate growth, as it provides necessary capital to continue to execute our growth plan. It indicates the faith and trust our banking partners have in our plan and people,” said Ted W. Rollins, CEO of Campus Crest.
The credit facility was arranged by Citigroup Global Markets, Inc., Barclays Capital and Raymond James Bank, N.A. as Joint Lead Arrangers and Joint Book Running Managers. Citibank, N.A. is the Administrative Agent, and Barclays Bank PLC & Raymond James Bank, N.A. are Co-Syndication Agents. Bank of America, N.A. & Royal Bank of Canada are Documentation Agents. New additions to the banking group include Bank of America, N.A., PNC Bank, N.A., Compass Bank (BBVA Compass) and Citizens Bank of Pennsylvania (RBS Citizens).
Additionally, the Company announced that it continues to selectively utilize agency financing with the closing of a new 10-year, $18.1 million Freddie Mac financing on The Grove at Statesboro, GA at a rate of 4.01%. Proceeds from this financing were used to reduce outstanding balances under the Company’s credit facility. This transaction represents the third series of permanent financings the Company has completed with Freddie Mac.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV