MINNEAPOLIS, Sept. 30, 2021 /PRNewswire/ -- Centerspace
(NYSE: CSR) announced today that it has amended and extended
its existing $250 million revolving
credit facility. The new facility includes an accordion feature for
up to $400 million and matures in
September 2025 with two optional
six-month extensions. In addition to the new line of credit, the
existing bank term loans totaling $145
million were repaid in full with proceeds from the issuance
of $125 million in unsecured senior
notes as well as the additional proceeds from the KMS portfolio
refinance.
Bank of Montreal served as
administrative agent for the extension of the credit facility with
BMO Capital Markets Corp., BofA Securities, Inc. and PNC Capital
Markets, LLC as, joint lead arrangers and joint book runners.
"This recast completes a series of financing activities this
quarter that meaningfully lower our average cost of borrowing and
extend our average duration," said Mark O.
Decker Jr., President and CEO. "The completed financing
activities decreased our weighted average interest from 3.70% at
June 30, 2021, to 3.35% and our
weighted average maturities from 4.9 years at June 30, 2021 to 7.6 years. We're grateful
for our bank group's work to help Centerspace build greater
financial flexibility. These actions enhance our ability to
compete in today's environment."
About Centerspace
Centerspace is an owner and operator of apartment communities
committed to providing great homes by focusing on integrity and
serving others. Founded in 1970, the company currently owns 79
apartment communities consisting of 14,275 homes located in
Colorado, Minnesota, Montana, Nebraska, North
Dakota, and South Dakota.
Centerspace was named a Top Workplace for 2021 by the
Minneapolis Star Tribune. For more information, please visit
www.centerspacehomes.com.
If you would like more information about this topic, please
contact Emily Miller, Investor
Relations, at (701) 837-7104 or IR@centerspacehomes.com.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/centerspace-improves-and-extends-credit-line-repays-bank-loans-301389298.html
SOURCE Centerspace