Chicago Atlantic Real Estate Finance Closes on $50 Million Unsecured Term Loan to Fund Deployment of New Investments
Chicago Atlantic Real Estate Finance (NASDAQ: REFI) has secured a $50 million unsecured term loan from institutional private lending platforms. The loan, maturing in October 2028, carries a fixed 9.0% interest rate and is interest-only. The funds were used to repay existing borrowings on the company's $110 million senior secured revolving credit facility and for working capital. Egan-Jones has assigned a BBB+ rating to both the company and the senior unsecured term loan, reflecting investment grade status.
Chicago Atlantic Real Estate Finance (NASDAQ: REFI) ha ottenuto un prestito obbligazionario non garantito di 50 milioni di dollari da piattaforme di lending privato istituzionali. Il prestito, in scadenza a ottobre 2028, presenta un tasso d'interesse fisso del 9,0% ed è strutturato come solo interessi. I fondi sono stati utilizzati per rimborsare prestiti esistenti sulla linea di credito rotativa garantita senior da 110 milioni di dollari dell'azienda e per il capitale circolante. Egan-Jones ha assegnato un rating BBB+ sia all'azienda che al prestito obbligazionario senior non garantito, riflettendo uno status di grado di investimento.
Chicago Atlantic Real Estate Finance (NASDAQ: REFI) ha conseguido un préstamo a plazo no garantizado de 50 millones de dólares de plataformas de préstamo privado institucional. El préstamo, que vence en octubre de 2028, tiene una tasa de interés fija del 9,0% y es solo de interés. Los fondos se utilizaron para reembolsar los préstamos existentes en la línea de crédito rotativa garantizada senior de 110 millones de dólares de la compañía y para capital de trabajo. Egan-Jones ha asignado una calificación BBB+ tanto a la empresa como al préstamo a plazo no garantizado senior, reflejando un estatus de grado de inversión.
시카고 애틀란틱 부동산 금융 (NASDAQ: REFI)가 기관 사모 대출 플랫폼으로부터 5천만 달러 무담보 만기 대출을 확보했습니다. 이 대출은 2028년 10월 만기이며, 고정 이자율 9.0%로 설계되어 있습니다. 자금은 회사의 1억 1천만 달러 규모의 선순위 담보 회전 신용 시설에 대한 기존 차입금을 상환하고 운영 자본에 사용되었습니다. 이건-존스는 회사와 선순위 무담보 만기 대출 모두에 대해 BBB+ 등급을 부여하여 투자 등급 상태를 반영했습니다.
Chicago Atlantic Real Estate Finance (NASDAQ: REFI) a obtenu un prêt à terme non garanti de 50 millions de dollars de la part de plateformes de prêt privé institutionnelles. Ce prêt, qui arrive à maturité en octobre 2028, présente un taux d'intérêt fixe de 9,0 % et est uniquement en paiement d'intérêt. Les fonds ont été utilisés pour rembourser les emprunts existants sur la ligne de crédit renouvelable senior garantie de 110 millions de dollars de la société et pour le fonds de roulement. Egan-Jones a attribué une note BBB+ à la fois à l'entreprise et au prêt à terme non garanti senior, ce qui reflète un statut de note d'investissement.
Chicago Atlantic Real Estate Finance (NASDAQ: REFI) hat einen unbesicherten Terminkredit von 50 Millionen Dollar von institutionellen privaten Kreditplattformen gesichert. Der Kredit, der im Oktober 2028 fällig wird, hat einen festen Zinssatz von 9,0% und ist nur zinszahlungspflichtig. Die Mittel wurden verwendet, um bestehende Kredite der 110 Millionen Dollar schweren besicherten revolvierenden Kreditlinie des Unternehmens zurückzuzahlen und als Betriebskapital. Egan-Jones hat sowohl dem Unternehmen als auch dem unbesicherten Senior-Terminkredit eine BBB+ Bewertung zugewiesen, was den Status einer Investitionsnote widerspiegelt.
- Secured $50 million in new financing to fund investments
- Received BBB+ investment grade rating from Egan-Jones
- Extended debt maturity profile to October 2028
- Increased operational liquidity through unsecured financing
- High fixed interest rate of 9.0% on the new term loan
- Prepayment penalties apply to early loan repayment
Insights
The
The strategic decision to refinance revolving credit facility borrowings with a term loan improves the company's debt structure and provides additional operational flexibility. This move enhances REFI's ability to pursue new investment opportunities while maintaining a balanced leverage profile. The unsecured nature of the loan is particularly noteworthy, as it preserves the company's ability to encumber assets for future financing needs.
Assigned BBB+ Investment Grade Rating from Egan-Jones
CHICAGO, Oct. 23, 2024 (GLOBE NEWSWIRE) -- Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI) (“Chicago Atlantic” or the “Company”), a commercial mortgage real estate investment trust, today announced that the Company entered into a
The unsecured term loan matures in October 2028, is interest only and bears a fixed cash interest rate of
The Company also announced that Egan-Jones has assigned a rating of BBB+ to both the Company and the senior unsecured term loan.
Peter Sack, Co-Chief Executive Officer, added, “This unsecured note is the latest example of our ability to source accretive financing that further enhances our operational liquidity to pursue additional opportunities within our active originations pipeline.”
About Chicago Atlantic Real Estate Finance, Inc.
Chicago Atlantic Real Estate Finance, Inc. (NASDAQ: REFI) is a market-leading commercial mortgage REIT utilizing significant real estate, credit and cannabis expertise to originate senior secured loans primarily to state-licensed cannabis operators in limited-license states in the United States. REFI is part of the Chicago Atlantic platform which has offices in Miami, Florida, and Chicago, Illinois and has deployed over
Forward-Looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that reflect our current views and projections with respect to, among other things, future events and financial performance. Words such as “believes,” “expects,” “will,” “intends,” “plans,” “guidance,” “estimates,” “projects,” “anticipates,” and “future” or similar expressions are intended to identify forward- looking statements. These forward-looking statements, including statements about our future growth and strategies for such growth, are subject to the inherent uncertainties in predicting future results and conditions and are not guarantees of future performance, conditions or results. More information on these risks and other potential factors that could affect our business and financial results is included in our filings with the SEC. New risks and uncertainties arise over time, and it is not possible to predict those events or how they may affect us. We do not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Contact:
Tripp Sullivan
SCR Partners
IR@REFI.reit
FAQ
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