Black Creek lifts revolving commitments due 2020 to $200 million

By Susanna Moon

Chicago, July 3 – Black Creek Industrial REIT IV Inc. increased the aggregate revolving loan commitments under its $100 million revolving credit facility to $200 million, according to an 8-K filing with the Securities and Exchange Commission.

The facility continues to mature on Sept. 18, 2020.

Interest on the loans is Libor plus 160 basis points to 250 bps, based on leverage.

The company’s wholly owned subsidiary of Black Creek Industrial REIT IV Inc. amended the facility on June 28 with Wells Fargo Bank, NA as administrative agent and as a lender; and Bank of America, NA, U.S. Bank NA, JPMorgan Chase Bank, NA and Regions Bank, NA as lenders.

The amended credit facility allows the company to increase the aggregate loan commitments from time to time by another $400 million to up to a total of $600 million, with lender commitments.

The upsizing may be in the form of an increase in the aggregate revolving loan commitments, the establishment of a term loan or a combination of both.

The facility may be extended under two one-year extension options.

The unused fee ranges from 20 bps to 25 bps.

Proceeds will be used for general corporate purposes, including for property acquisitions, new construction, renovations, expansions, tenant improvements, working capital and debt refinancings.

At closing, the amount outstanding under the facility was $78.5 million with an interest rate of 3.69%.

Black Creek operates as a real estate investment trust based in Denver.

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