CTO Realty Growth upsizes credit facility to $565M

Sep. 21, 2022 4:24 PM ETCTO Realty Growth, Inc. (CTO)By: Jessica Kuruthukulangara, SA News Editor
  • CTO Realty Growth (NYSE:CTO) said Wednesday it amended its senior unsecured revolving credit facility, increasing it to $565M.
  • The credit facility is comprised of a $300M unsecured revolving credit facility, a new $100M unsecured term loan, and CTO's existing $165M of unsecured term loans.
  • The credit facility includes accordion options that allow CTO to request additional revolver lender commitments up to $750M and additional term loan lender commitments up to $500M.
  • It includes a sustainability-linked pricing component that reduces the interest rate margin if CTO meets certain sustainability targets.
  • The credit facility also transitions CTO from LIBOR to SOFR borrowings.
  • The revolver will mature in Jan. 2027, with options to extend the maturity for an additional year to Jan. 2028.
  • Initial interest rate for the revolver will be SOFR plus 135 bps and a 10-bps SOFR index adjustment.
  • The 2028 term loan was fully drawn at close, and proceeds were used to repay outstanding balances on CTO's revolver.
  • The term loan has an initial interest rate of SOFR plus 130 bps and a 10-bps SOFR index adjustment.
  • CTO plans to fix its term loan SOFR exposure using interest rate swaps.

Recommended For You


To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.
Is this happening to you frequently? Please report it on our feedback forum.
If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.