Safehold Upsizes Revolving Credit Facility to $1.35 Billion

Rhea-AI Summary

Safehold Inc. (NYSE: SAFE) announced an upsized $1.35 billion unsecured revolving credit facility, increasing it by $350 million without altering existing terms. This enhanced credit facility aims to provide flexible capital for customer needs while positioning the company for a strong finish in 2021 and an exciting 2022 ahead. Jay Sugarman, CEO, emphasized the expansion in the context of the company’s ongoing growth strategy. The facility is managed by JPMorgan Chase Bank, with several joint lead arrangers involved.

Positive

• Upsized revolving credit facility from $1.0 billion to $1.35 billion increases capital flexibility.
• No changes to existing terms improves financial stability.
• Positioning for strong growth heading into 2022.

Negative

• None.

NEW YORK, Dec. 15, 2021 /PRNewswire/ -- Safehold Inc. (NYSE: SAFE), the creator and leader of the modern ground lease industry, announced today that it has upsized its $1.0 billion unsecured revolving credit facility by $350 million with no other changes to the existing terms.

"With its increased size, the enhanced credit facility allows Safehold to flexibly and quickly deliver efficient capital to our customers," said Jay Sugarman, Chairman and Chief Executive Officer. "As we recently announced, we have been scaling the business at a strong pace and by increasing our dry powder we position ourselves to finish the year strong and set ourselves up for an exciting 2022 and beyond."

JPMorgan Chase Bank, N.A. is the administrative agent for the revolving facility with JPMorgan Chase Bank, N.A., BofA Securities, Inc. and Goldman Sachs Bank USA, acting as the joint bookrunners and joint lead arrangers; Barclays Bank PLC, Truist Securities, Inc., Mizuho Bank, Ltd. and Morgan Stanley Senior Funding, Inc. are also acting joint lead arrangers. Capital One, N.A., Raymond James Bank and Sumitomo Mitsui Banking Corporation will also act as lenders under this new revolving facility.

About Safehold:

Safehold Inc. (NYSE: SAFE) is revolutionizing real estate ownership by providing a new and better way for owners to unlock the value of the land beneath their buildings. Having created the modern ground lease industry in 2017, Safehold continues to help owners of high quality multifamily, office, industrial, hospitality and mixed-use properties generate higher returns with less risk. The Company, which is taxed as a real estate investment trust (REIT) and is managed by its largest shareholder, iStar Inc., seeks to deliver safe, growing income and long-term capital appreciation to its shareholders. Additional information on Safehold is available on its website at www.safeholdinc.com.

Company Contact: 

Jason Fooks
Senior Vice President
Investor Relations & Marketing
T: 212.930.9400
E: investors@safeholdinc.com 

View original content:https://www.prnewswire.com/news-releases/safehold-upsizes-revolving-credit-facility-to-1-35-billion-301445866.html

SOURCE Safehold Inc.

FAQ

What did Safehold announce on December 15, 2021?

Safehold announced the upsizing of its unsecured revolving credit facility to $1.35 billion.

How much was the revolving credit facility increased by?

The revolving credit facility was increased by $350 million.

Who are the joint lead arrangers for Safehold's credit facility?

JPMorgan Chase Bank, BofA Securities, and Goldman Sachs are the joint lead arrangers.

What is the purpose of the upsized credit facility for Safehold?

The upsized credit facility allows Safehold to flexibly deliver efficient capital to its customers.

What does the credit facility mean for Safehold's future plans?

It positions Safehold to finish 2021 strong and prepare for growth in 2022.