Very weak refinancing | CLNY Message Board Posts

Colony Capital, Inc.

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Msg  8144 of 8272  at  6/14/2019 5:26:17 AM  by

dar200


Very weak refinancing

 This from Ventas press release:
 
 Ventas’s tranche of the New Secured Loan, which totals $490 million, bears interest at LIBOR plus 6.42 percent, representing a current all-in GAAP rate of 9 percent. The entire $1.515 billion loan has a five-year term (inclusive of three one-year extension options), bears interest at a floating rate that currently blends to one-month LIBOR plus 3.33 percent, and provides strong debt service coverage. The New Secured Loan has a 75 percent loan to value and is supported by a diverse pool of collateral,
 
 Ventas previously held $270 million of the Refinanced Loan, which bore interest at 8.25 percent.
 
 Ventas expects the investment to be accretive to normalized funds from operations by five cents per share on an annualized and leverage neutral basis.


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