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Resource Capital subsidiary enters $110 million revolver with JPMorgan
By Jennifer Chiou
New York, Sept. 23 – Resource Capital Corp. indirect wholly owned subsidiary Northport TRS, LLC entered into a $110 million senior secured revolving credit agreement with JPMorgan Chase Bank, NA, ING Capital LLC, Everbank Commercial Finance, Inc. and Morgan Stanley Bank, NA as lenders, according to an 8-K filing with the Securities and Exchange Commission.
There is a $225 million accordion.
The revolving commitments expire on Sept. 18, 2017. The final maturity date is Sept. 18, 2018.
The filing noted that the facility is secured by a pledge of substantially all of Northport’s assets, including its investment portfolio.
Borrowings will bear interest at Libor plus 250 bps prior to a qualified change of control.
The company must maintain a debt to equity ratio of not more than 3.5 to 1, the filing stated.
New York City-based Resource Capital is a real estate investment trust focused on commercial mortgage loans and other commercial real estate-related debt and equity investments.
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