Mombasa Info
Related Articles
NEW YORK, September 8, 2020 / PRNewswire / – American Finance Trust, Inc. (Nasdaq: AFIN) (“AFIN” or the “Company”) today announced that the Company has entered into a financing transaction with Bank of Texas to borrow $ 125 million in a syndicated balance sheet loan (the “Loan”) on three buildings located Bridgewater, New Jersey which serve as Sanofi’s US headquarters. An investment grade multinational pharmaceutical company, the Sanofi campus is a mission critical facility to support operations in United States.
“Thanks to the high quality of Sanofi properties and our long-standing relationship with Bank of Texas, we were able to finalize this financing on terms that we consider very attractive ”, declared Michel weil, CEO of AFIN. “The Loan capitalizes on the historically low interest rate environment and on Sanofi’s quality credit rating to replace existing funding, which had four months remaining, with new five-year funding swapped at an interest rate of 3.22%, 194 basis points lower than the previous rate of 5.16% In conjunction with the CMBS transaction that we finalized in July, AFIN has refinanced more than $ 840 million short-term debt at lower interest rates and extended the weighted average maturity of our debt to 5.2 years(1) from 3.3 years, with no significant short-term maturities remaining. ”
The Loan is at interest only and fixed by swap at an interest rate of 3.22%, has a term of five years and is guaranteed by three buildings located at Bridgewater, New Jersey. At loan closing, all net refinancing proceeds and cash on hand were used to fully repay the existing mortgage.
Update on rent collection
The Company also announced today that 90% of the original cash rent due for the month of August 2020 was received on September 3, 2020, of which 96% of the original cash rent owed in the Company’s single-tenant portfolio. To date, the Company has collected over 90% of the initial cash rent due for July and August portfolio-wide, of which over 96% is in the single-tenant portfolio.
About American Finance Trust, Inc.
American Finance Trust, Inc. (Nasdaq: AFIN) is a Nasdaq-listed real estate investment trust that focuses on acquiring and managing a diverse portfolio of primarily service-oriented and sales-related commercial real estate properties. retail and distribution in the United States. information on AFIN is available on its website at www.americanfinancetrust.com.
Important Notice
Statements in this press release that are not historical facts may be forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause actual results or events to differ materially. The words “anticipates”, “believes”, “expects”, “estimates”, “projects”, “plans”, “intends”, “may”, “may”, “” and expressions Similar statements are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are beyond the control of the Company, which could cause actual results to differ materially from the results contemplated by the forward-looking statements. These risks and uncertainties include the potential negative effects of the ongoing global COVID-19 pandemic, including measures taken to contain or treat COVID-19, on the Company, the Company’s tenants and the global economy and residents. financial markets and that the information on the collection of rents may not be indicative of a future period, as well as the risks and uncertainties set out in the Risk Factors section of the Company’s annual report on Form 10-K for the completed exercise December 31, 2019 filed on February 27, 2020, the company’s quarterly report on Form 10-Q for the quarter ended March 31, 2020 filed on May 7, 2020, the company’s quarterly report on Form 10-Q for the quarter ended June 30, 2020 filed on Aug 6, 2020 and all other filings with the SEC after that date, as these risks, uncertainties and other material factors may be updated from time to time in subsequent reports of the Company. In addition, forward-looking statements speak only as of the date on which they are made, and the Company assumes no obligation to update or revise any forward-looking statements to reflect changed assumptions, the occurrence of unforeseen events. or changes in future operating results, unless required. to do so by law.
Contacts:
Investor Relations
[email protected]
(866) 902-0063
(1) As if the refinancing had taken place on June 30, 2020.
SOURCE American Finance Trust, Inc.
