Business
Ravelin Properties REIT's Syndicate of Secured Lenders Assigns Credit Agreement to G2S2 Capital
Ravelin Properties REIT's Syndicate of Secured Lenders Assigns Credit Agreement to G2S2 Capital ...
About this update from Ravelin Properties Reit
[{"type":"text","content":"\n\n\n\n Ravelin Properties REIT's Syndicate of Secured Lenders Assigns Credit Agreement to G2S2 Capital\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 \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n\n\n TORONTO\n \n\n ,\n \n\n March 28, 2025\n \n\n /CNW/ - Ravelin Properties REIT (TSX: RPR.UN) (\"Ravelin\" or the \"REIT\"), an internally managed global owner and operator of well-located commercial real estate, announced today that the secured lenders party to its Second Amended and Restated Credit Agreement dated\n \n November 14, 2023\n \n as amended (the \"Syndicated Credit Agreement\") have completed a sale and assignment of all the indebtedness and obligations under the Syndicated Credit Agreement to G2S2 Capital  Inc. (\"G2S2\"), a major unitholder of the REIT, in the aggregate principal amount of\n \n CAD$233,047,602.23\n \n and\n \n USD$43,700,000.00\n \n .\n \n\n Additionally, Royal Bank of\n \n Canada\n \n , a senior secured lender of the REIT, is expected to complete a sale of all the indebtedness and obligations under certain bilateral loan agreements (the \"Bilateral Loans\") to G2S2 on\n \n March 31, 2025\n \n , in the aggregate principal amount of\n \n CAD$295,471,630.31\n \n .\n \n\n The completion of the sale and assignment of the Syndicated Credit Agreement and the Bilateral Loans required the consent of the REIT under the agreements governing the loans. In connection with providing consent to the sale and assignment, an independent committee of trustees of the REIT sought and obtained a six-month forbearance from G2S2 to allow the REIT additional time to negotiate the terms of a recapitalization plan.\n \n\n \"This is a significant step in progressing the REIT's recapitalization plan,\" said\n \n Shant Poladian\n \n , Chief Executive Officer of the REIT. \"We welcome the support of G2S2, which is also a significant unitholder of the REIT, and look forward to working together on managing the REIT's debt as we move forward with our strategic direction.\"\n \n\n\n About Ravelin Properties REIT (TSX: RPR.UN)\n \n\n\n The REIT owns and operates a portfolio of well-l...