Silver Bay Realty Trust Corp. (NYSE: SBY), announced today an amendment to its credit facility that increases its borrowing capacity to $350 million from $200 million. All other material terms of the Credit Agreement remain unchanged. BofA Merrill Lynch and J.P. Morgan acted as joint lead arrangers. The credit facility is being used for the acquisition, financing and renovation of properties and other general purposes.
“The dynamics of the housing market remain favorable for acquiring single-family properties in select markets,” said David N. Miller, Silver Bay’s President and Chief Executive Officer. “The expansion of our credit facility will allow us to continue acquiring homes at attractive prices, leverage our existing property management infrastructure to achieve additional scale, and optimize our capital structure to drive long-term value for our stockholders.”
Silver Bay Realty Trust Corp.
Silver Bay Realty Trust Corp. is a Maryland corporation focused on the acquisition, renovation, leasing and management of single-family properties for rental income and long-term capital appreciation. Silver Bay currently owns single-family properties in Arizona, California, Florida, Georgia, Nevada, North Carolina, Ohio and Texas. Silver Bay has elected to be taxed as a REIT for U.S. federal tax purposes. Additional information can also be found on the company’s website: www.silverbayrealtytrustcorp.com.Forward-Looking Statements This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Actual results may differ from expectations, estimates and projections and, consequently, readers should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “target,” “assume,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believe,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Factors that could cause actual results to differ include an inability for Silver Bay to draw on the credit facility or identify assets to acquire with the proceeds therefrom.