Alpine Income restates $350 million two-part credit agreement

By Wendy Van Sickle

Columbus, Ohio, Oct. 6 – Alpine Income Property Trust, Inc. amended and restated its senior unsecured credit facility with KeyBank NA as administrative agent on Sept. 30 to provide for a $250 million revolver and a $100 million term loan, according to an 8-K filing with the Securities and Exchange Commission.

An accordion option permits the company to add additional revolving or term loan commitments up to a total facility size of $750 million.

The revolver refinanced and increased the company’s existing $150 million senior unsecured revolver, which was scheduled to mature in November of 2023. The new revolver will mature in January 2027, with extension options available to extend the maturity date for an additional year.

Based on the company’s current leverage ratio, the initial interest rate for the revolver will be SOFR plus 165 basis points plus a 10 bps credit spread adjustment.

The amended and restated facility adds a sustainability-linked pricing component under which the borrower will receive interest rate reductions up to 2.5 bps based on performance against sustainability performance targets.

KeyBank Capital Markets Inc., Raymond James Bank, Regions Capital Markets and Huntington National Bank acted as joint lead arrangers for the revolver. Raymond James Bank, Regions Bank and Huntington will act as co-syndication agents for the revolver.

Keybanc Capital Markets is the bookrunner.

The company also amended its $100 million term loan agreement dated May 21, 2021 with Truist Bank, NA as administrative agent to amend certain financial covenants and add a sustainability-linked pricing component consistent with that of the other credit agreement. This term loan matures in January of 2027, extended one year.

The company also terminated its prior revolving agreement originally dated Nov. 26, 2019 with Bank of Montreal as administrative agent.

KeyBank NA is adviser and sole sustainability structuring agent.

Alpine is a Winter Park, Fla.-based real estate investment trust that acquires, owns and operates a portfolio of high-quality single-tenant net leased commercial income properties.

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