FREEHOLD, NJ—Monmouth Real EstateCorp. has renewed and expanded its $20 million unsecured revolving credit facility, which was set to mature this month. The renewed facility is syndicated with two banks led by Capital One, National Association (Capital One) as joint lead arranger, administrative agent and sole book runner, and includes Bank of Montreal (BMO) as joint lead arranger and documentation agent.
The renewed facility has been increased to $40 million with an accordion feature up to $60 million and matures in June 2016 with a one-year extension option.
"Our expanded facility at lower cost and up to four years of term enhances ourflexibility and is a testament to the strength of our balance sheet,” said Kevin Miller, CFO. “In addition, it offers us significant liquidity as we continue to grow our unencumbered property portfolio and pay down higher fixed rate interest mortgage debt which allows us to lower our cost of capital."