Gladstone Commercial Corporation Announces Expansion, Extension and Reduction of Costs of Credit Facility
07 October 2015 - 7:00AM
Gladstone Commercial Corporation (NASDAQ:GOOD) (the "Company" or
"Gladstone Commercial") announced today that it has expanded its
revolving line of credit facility from $75.0 million to $85.0
million and extended the maturity date 1-year through August 2018,
with a 1-year extension option through August 2019. The Company
also added a $25.0 million 5-year term loan facility, which matures
in October 2020. The interest rate on the revolving line of credit
was also reduced by 25 basis points at each of the leverage tiers
and the interest rate on the term loan facility is 5 basis points
less than line of credit facility at each leverage tier. The total
maximum commitment under the two facilities was increased from
$100.0 million to $150.0 million. The Company also added 3 new
lenders to the bank syndicate. The bank group is now comprised of
KeyBank, Comerica Bank, Fifth Third Bank, US Bank and Huntington
Bank.
"We are excited about continuing our relationship with KeyBank
and expanding our relationships with this high quality new
syndicate of banks," said Bob Cutlip, President of Gladstone
Commercial. "This expansion gives us the ability to increase our
portfolio and position us well for continued growth over the next
few years."
About Gladstone Commercial Corporation
(NASDAQ:GOOD)
Gladstone Commercial is a real estate investment trust focused
on acquiring, owning and operating net leased industrial and office
properties across the United States. Gladstone Commercial's real
estate portfolio consists of 101 properties located in 24 states,
totaling approximately 11.1 million square feet. For additional
information please visit www.gladstonecommercial.com.
For Broker Submittals: |
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Midwest/Northeast: |
West: |
Matt Tucker |
Andrew White |
Managing Director |
Managing Director |
(703) 287-5830 |
(310) 953-4960 |
Matt.Tucker@gladstonecompanies.com |
Andrew.White@gladstonecompanies.com |
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South/Southwest: |
Tennessee/Kentucky: |
Buzz Cooper |
Brandon Flickinger |
Senior Managing Director |
Director |
(703) 287-5815 |
(703) 287-5819 |
Buzz.Cooper@gladstonecompanies.com |
Brandon.Flickinger@gladstonecompanies.com |
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Investor or Media
Inquiries: |
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Bob Cutlip |
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President – Gladstone Commercial
Corporation |
(703) 287-5878 |
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Bob.Cutlip@gladstonecompanies.com |
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All statements contained in this press release, other than
historical facts, may constitute "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Words such as "anticipates," "expects," "intends,"
"plans," "believes," "seeks," "estimates" and variations of these
words and similar expressions are intended to identify
forward-looking statements. Readers should not rely upon
forward-looking statements because the matters they describe are
subject to known and unknown risks and uncertainties that could
cause the Company's business, financial condition, liquidity,
results of operations, funds from operations or prospects to differ
materially from those expressed in or implied by such statements.
Such risks and uncertainties are disclosed under the caption "Risk
Factors" of the Company's Annual Report on Form 10-K for the fiscal
year ended December 31, 2014, as filed with the SEC
on February 18, 2015 and the Company's Form 10-Q for the
quarter ended June 30, 2015, as filed with the SEC on August 3,
2015. The Company cautions readers not to place undue
reliance on any such forward-looking statements which speak only as
of the date made. The Company undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
For Investor Relations inquiries related to any of the monthly
dividend paying Gladstone funds, please visit
www.gladstone.com.
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