CTO Realty Growth closed a $1.0 billion amended and restated unsecured credit facility, replacing a much smaller debt package and pushing out its maturities.
The new facility includes a $400 million revolving credit line due September 2030, plus four term loans: a $150 million loan due September 2029, a $150 million loan due September 2030, a new $150 million loan due September 2031, and a new $150 million loan due March 2032. The two existing term loans were each upsized from $125 million to $150 million.
At closing, CTO said the weighted average maturity of its outstanding debt rose to 4.3 years from 1.6 years, excluding extension options.
The company used the proceeds to pay off borrowings under its prior $300 million revolving credit facility, along with its $100 million term loan due January 2027 and its $100 million term loan due January 2028.
CTO said the new credit facility adds $250 million in incremental commitments. It also said the debt pricing, based on its leverage ratio, produced initial fixed rates of 5.3% on the 2029 term loan, 4.9% on the 2030 term loan, 4.8% on the 2031 term loan and 3.4% on the 2032 term loan. The 2032 loan’s fixed rate is set to rise to about 5.3% in February 2027. Today the company's shares have moved 0.83% to a price of $20.65. For the full picture, make sure to review CTO Realty Growth's 8-K report.
