Post by
InvestSmarter on Nov 08, 2023 7:56pm
New $140,000,000 Loan at crazy 11.6% rates
11.60% on 140M? ouch.
On October 25, 2023, the REIT executed a term loan for total proceeds of $140.0 million, bearing initial variable interest of 11.6%, maturing on April 26, 2025. The loan is secured by certain Brazil properties. The proceeds were used to repay the $50.0 million revolving credit facility maturing on October 31, 2023 bearing interest at 12.31%. The remaining proceeds were used to repay additional variable rate debt.
Management needs to get this madness under control.
Comment by
garyreins on Nov 08, 2023 8:18pm
That's why they're in sell IT ALL MODE. They can only come up with funds so quickly
Comment by
BlueJay2020 on Nov 08, 2023 10:31pm
Not great but even the CRA are upping their late payment interest to 10 per cent. We just have to ride out this interest rate wave and hope it subsides and lands us reasonably gently on the shore!
Comment by
apainter on Nov 09, 2023 10:44am
The CO reduced the interest rate on 50M by 71 bps at least