Automotive Properties REIT Extends and Increases Credit Facility

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[{"type":"text","content":"\n \n \n \n Automotive Properties REIT Extends and Increases Credit Facility\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n /NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN\n \n THE UNITED STATES\n \n /\n \n \n \n \n TORONTO\n \n ,\n \n April 13, 2022\n \n /CNW/ - Automotive Properties Real Estate Investment Trust (TSX: APR.UN) (the \"REIT\") today announced that it has extended the maturity of one of its existing credit facilities (\"Credit Facility 1\") for a five-year term to June 2027 and increased the amount available under the non-revolving component of Credit Facility 1 from $176.3 million to $226.3 million. The additional $50 million will be drawn to pay down existing indebtedness under the REIT's revolving credit facilities. The REIT's revolving component under Credit Facility 1 will remain at\n \n $30 million\n \n . The interest rate spreads on both the non-revolving and revolving components of Credit Facility 1 remain unchanged at bankers' acceptance rate plus 150 basis points or the Canadian prime rate plus 25 basis points. Consistent with the REIT's past practice, the REIT expects to fix the interest rate on a portion of the additional $50 million available under the non-revolving component of Credit Facility 1 using interest rate swaps in due course. The REIT's Credit Facility 1 is provided by a syndicated lending group led by a Schedule 1 chartered bank.\n \n \n \n About Automotive Properties REIT\n \n \n \n Automotive Properties REIT is an unincorporated, open-ended real estate investment trust focused on owning and acquiring primarily income-producing automotive dealership properties located in\n \n Canada\n \n . The REIT's portfolio currently consists of 72 income-producing commercial properties, representing approximately 2.7 million square feet of gross leasable area, in metropolitan markets across\n \n British Columbia\n \n ,\n \n Alberta\n \n ,\n \n Saskatchewan\n \n ,\n \n Manitoba\n \n ,\n \n Ontario\...

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