This three-year term loan was obtained from five major banking institutions, including two new lending relationships for the firm, according to the release. The facility is secured by the private equity firm's 3.4 million square feet of industrial properties across the US.
"Securing this funding has enabled us to remove four short-term maturities from our debt portfolio while providing extra liquidity to KIF's balance sheet in the formof additional cash and extra borrowing capacity," Lloyd says in the release.
Banc of America Securities and the Royal Bank of Canada are the joint lead arrangers in the facility, with US Bank, Capital One Bank and Fifth Third Bank each holding significant participation amounts. KTR says the loan will finance a portfolio of KIF's development projects and acquisitions in the Los Angeles, Chicago, Miami and Harrisburg markets.
Among those recent deals was a 205,540-square-foot warehouse facility in the Chicago suburb of Bensenville, IL, which closed in mid-December. Late last month, a KTR affiliate acquired a 656,000-square-foot warehouse in Ontario, CA from CB Richard Ellis Investors.
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