Woodlands seeks $350 million credit facility

By Sara Rosenberg

New York, Aug. 15 - The Woodlands Commercial Properties Co., LP is in-market with a $350 million three-year senior secured credit facility, according to a market source.

KeyBanc Capital Markets is the lead arranger and administrative agent on the deal.

The facility consists of a $280 million term loan and a $70 million revolver, with both tranches priced at Libor plus 195 basis points, the source said.

There are two additional one-year extension options subject to compliance with the loan documents and payment of an extension fee.

Proceeds from the facility, which launched with a bank meeting on Aug. 2, will be used to refinance the company's existing debt and for general corporate purposes.

Security is a first mortgage on all residential land, commercial land and golf course properties, as well as a first-priority pledge of the company's partnership interests in restricted subsidiaries, and assignment of all rights in Municipal Utility District receivable contracts and other notes in the borrowing base.

Woodlands is a master planned community in Texas.

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