11/06/2018 | Press release | Distributed by Public on 11/06/2018 07:07
EL SEGUNDO, Calif, Nov. 06, 2018 (GLOBE NEWSWIRE) -- Landmark Infrastructure Partners LP (the 'Partnership' or 'Landmark') (NASDAQ: LMRK) announced today that it has obtained commitments from a syndicate of banks for an amended and restated five-year revolving credit facility (the 'New Credit Facility') with initial borrowing commitments of no less than $450.0 million. The New Credit Facility arranged by SunTrust Robinson Humphrey and Citizens Financial Group replaces the existing revolving credit facility, which is scheduled to mature on November 19, 2019. Closing of the New Credit Facility is expected in November 2018, subject to customary closing conditions.
Borrowings under the New Credit Facility, among other provisions, (i) are expected to bear interest at a rate equal to LIBOR, plus a spread ranging from 1.75% to 2.25% (determined based on leverage levels); and (ii) up to $75.0 million in loans under the New Credit Facility may be denominated in Pound Sterling, Euro, Australia Dollars and Canadian Dollars. The New Credit Facility, administered by SunTrust Bank, will be secured by the assets of the respective Borrower, Co-Borrowers and Guarantors (e.g., the unencumbered consolidated subsidiaries of Landmark). Further, the New Credit Facility will incur a fee ranging from 0.15% to 0.20% (determined based on leverage levels) on unused commitments.
'We are pleased to announce the early refinancing of our revolving credit facility on favorable terms. The proposed credit facility supports our strategic initiatives for 2019 and beyond. We appreciate the support and commitment from the participating lenders,' said George Doyle, Chief Financial Officer and Treasurer of the Partnership's general partner.
Cautionary Note Regarding Forward Looking Statements
Disclosures in this press release contain certain forward-looking statements within the meaning of the federal securities laws. Statements that do not relate strictly to historical or current facts are forward-looking. These statements contain words such as 'possible,' 'if,' 'will,' 'expect' and 'assuming' and involve risks and uncertainties including, among others that our business plans may change as circumstances warrant. Accordingly, readers should not place undue reliance on forward-looking statements as a prediction of actual results. For more information concerning factors that could cause actual results to differ materially from those conveyed in the forward-looking statements, please refer to the 'Risk Factors' section of our Annual Report on Form 10-K for the year ended December 31, 2017, as supplemented by our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC. Any forward-looking statements in this press release are made as of the date of this press release and the Partnership undertakes no obligation to update or revise such forward-looking statements to reflect events or circumstances that occur, or of which the Partnership becomes aware, after the date hereof, unless required by law.
About Landmark Infrastructure Partners LP
The Partnership owns and manages a portfolio of real property interests and infrastructure assets that the Partnership leases to companies in the wireless communication, outdoor advertising and renewable power generation industries.
Source: Landmark Infrastructure Partners LP