Safety, Income & Growth Upsizes Revolving Credit Facility to $350 Million
NEW YORK--(BUSINESS WIRE)--Aug 6, 2018--Safety, Income & Growth Inc. (NYSE:SAFE), the leading company focused on ground leases, announced that Mizuho Bank has committed $50 million, upsizing the revolving credit facility to $350 million. The credit facility has an interest rate of LIBOR plus 135 basis points, one of the lowest priced secured revolving credit facilities among rated and unrated companies, reflecting the embedded safety that ground leases provide. The availability of low-interest, flexible capital enables SAFE to continue executing its strategic plan to expand its high quality ground lease portfolio and deliver value to its customers and shareholders.
“We’re very pleased to have increased our borrowing capacity and further diversify our lending sources. Mizuho Bank’s $50 million commitment, demonstrates its confidence in our business model and our financial stability,” said Andrew Richardson, Chief Financial Officer. “With access to efficient capital and sizeable drawing capacity, SAFE is well-positioned to continue along its growth trajectory.”
The credit facility may be utilized to acquire or finance ground lease transactions as well as for other corportate purposes.
Safety, Income & Growth Inc. (NYSE: SAFE) is the first publicly traded company that focuses on acquiring, owning, managing and capitalizing ground leases. The Company seeks to provide safe, growing income and capital appreciation to shareholders by building a diversified portfolio of high quality ground leases. The Company, which is taxed as a real estate investment trust (REIT), is managed by its largest shareholder, iStar Inc. Additional information on SAFE is available on its website at www.safetyincomegrowth.com.
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KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: PROFESSIONAL SERVICES REIT BANKING FINANCE CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE OTHER CONSTRUCTION & PROPERTY
SOURCE: Safety, Income & Growth Inc.
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PUB: 08/06/2018 04:15 PM/DISC: 08/06/2018 04:15 PM