NEW YORK–(BUSINESS WIRE)–Safehold Inc. (NYSE: SAFE), the creator of the modern ground lease industry, announced today that it has replaced its existing $600 million secured revolving credit facility with a new $1.0 billion unsecured revolving credit facility. The new facility will bear interest at a rate of LIBOR plus 100 basis points, a 30 basis point savings from the prior facility, subject to a pricing grid based on Safehold’s credit ratings.
“With its increased size and reduced cost, the new credit facility provides enhanced financial flexibility and supports Safehold’s ability to continue to scale,” said Jay Sugarman, Chairman and Chief Executive Officer. “After recently receiving investment grade credit ratings, the new credit facility marks a strong first step towards unlocking opportunities from the unsecured markets as we work to further deliver lower cost, more efficient capital to our customers.”
“This facility is also a testament to the creative thought leadership of our bank group and their support for the long-term vision of our unique and transformative modern ground lease business,” continued Sugarman.
The new unsecured revolving credit facility has a March 2024 maturity with two twelve-month extension options.
JPMorgan Chase Bank, N.A. is the administrative agent for this new revolving facility with JPMorgan Chase Bank, N.A., BofA Securities, Inc. and Goldman Sachs Bank USA, acting as the joint bookrunners and joint lead…
