Sila Realty amends covenants under revolver, term loans

By Marisa Wong

Los Angeles, Dec. 8 – Sila Realty Trust, Inc., Sila Realty Operating Partnership, LP and administrative agent Truist Bank amended their unsecured credit facility on Dec. 8 to address the calculation of pool availability, according to an 8-K filing with the Securities and Exchange Commission.

The unsecured credit facility is comprised of a senior revolver and senior term loan entered into on Feb. 15, 2022 and a senior term loan entered into on May 17, 2022, with current aggregate commitments available of $1,055,000,000.

The amendment includes removing the implied debt service coverage ratio restriction, which reduces the impact of market interest rate volatility on the company’s ability to access commitments available; removing the ground lease concentration limitation; and amending the credit facility from a borrowing base calculation to an unencumbered pool structure, including the addition of an unsecured interest coverage ratio requirement.

As amended, the facility should allow the company to maintain full aggregate commitment availability as long as the company meets certain financial covenants and unencumbered pool limitations.

The real estate investment trust is based in Tampa, Fla.

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