Mr. Milton Lamb reports
AUTOMOTIVE PROPERTIES REIT EXTENDS AND INCREASES CREDIT FACILITY
Automotive Properties Real Estate Investment Trust has extended the maturity of one of its existing credit facilities for a five-year term to June, 2023, and increased the amount available under the non-revolving component of credit facility 1 from $121.2-million to $151.2-million. The additional $30-million will be drawn to pay down existing indebtedness under the REIT's revolving credit facilities. The REIT has also increased the amount available under the revolving component of credit facility 1 from $15-million to $20-million and extended the maturity to June, 2023. The interest rate spreads on both the non-revolving and revolving components of credit facility 1 remain unchanged at bankers' acceptance rate plus 150 basis points or the Canadian prime rate plus 25 basis points. Consistent with the REIT's past practice, the REIT expects to fix the interest rate on a portion of the additional $30-million available under the non-revolving component of credit facility 1 using interest rate swaps in due course. The REIT's credit facility 1 is provided by a syndicated lending group led by a schedule 1 chartered bank.
About Automotive Properties Real Estate Investment Trust
Automotive Properties REIT is an unincorporated, open-ended real estate investment trust focused on owning and acquiring primarily income-producing automotive dealership properties located in Canada. Currently, the REIT's portfolio consists of 39 income-producing commercial properties, representing approximately 1.4 million square feet of gross leasable area, and one development property in metropolitan markets across Ontario, Saskatchewan, Alberta, British Columbia and Quebec. Automotive Properties REIT is the only public vehicle in Canada focused on consolidating automotive dealership real estate properties.
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