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TORONTO, ONTARIO--(Marketwired - March 16, 2016) - Allied Properties REIT ("Allied") (TSX:AP.UN) announced today that it has closed a $150,000,000 bilateral unsecured credit facility with a Canadian chartered bank for a term of five years and bearing interest at a floating rate of CDOR plus 1.70% per year (the "Term Facility"). The Term Facility is available by way of an initial drawdown on the closing date in the amount of up to $100,000,000 and a second drawdown in the amount of $50,000,000 prior to the expiry of the six-month period commencing on closing. The Term Facility is on substantially the same terms as Allied's $200,000,000 unsecured revolving credit facility that closed in January 2015 (the "Revolving Facility") and Allied's $150,000,000 bilateral unsecured credit facility that closed in December 2015. In addition, Allied intends to enter into an interest rate swap which will have the effect of fixing the underlying floating interest rate on the Term Facility at approximately 2.79% per year for the term of the loan. |
