NEW
YORK, April 15, 2024 /PRNewswire/ -- Safehold
Inc. (NYSE: SAFE), the creator of the modern ground lease
industry, announced today that it has closed on a new $2.0 billion unsecured revolving credit facility,
which replaces Safehold's existing aggregate $1.85 billion unsecured revolving credit
facilities.
The new facility has a fully extended maturity date of
May 1, 2029 which includes two
six-month extension options. Based upon Safehold's current credit
ratings, the interest rate on the new unsecured revolving facility
is adjusted SOFR plus 85 basis points, a 5 basis point savings from
the prior facilities.
"This execution is a strong outcome for Safehold, lowering the
Company's cost of capital, extending term and increasing
liquidity," said Brett Asnas, Chief Financial Officer. "We
appreciate the support of our banking relationships, and believe
the additional financial flexibility positions us well to deliver
attractive capital solutions to customers and create long-term
value for shareholders."
JPMorgan Chase Bank, N.A. is the administrative agent for this
new revolving facility with JPMorgan Chase Bank, N.A.
and BofA Securities, Inc. acting as the joint bookrunners and
joint lead arrangers on the transaction; Goldman Sachs Bank
USA, Mizuho Bank, Ltd., Royal Bank of
Canada, and Truist Securities,
Inc. are also acting as joint lead arrangers. Sumitomo Mitsui
Banking Corporation, Morgan Stanley Bank, N.A., Barclays Bank PLC,
BNP Paribas and Raymond James Bank
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, student housing, life science and mixed-use properties
generate higher returns with less risk. The Company, which is taxed
as a real estate investment trust (REIT), 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:
Pearse Hoffmann
Senior
Vice President
Capital Markets & Investor Relations
T 212.930.9400
E investors@safeholdinc.com
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SOURCE Safehold
