As a result of these transactions, the only remaining floating rate debt in the Company’s capital structure is the outstanding amounts drawn under the Company’s senior unsecured revolver.
On
Today, the Company announced it has entered into an interest rate swap on the remaining
The Company has now fixed all of its senior unsecured term loan facilities into the year 2027, including its
Unsecured Term Loan Tranche | Notional Amount | Base Interest Rate Swap(4) | Contractual Interest Rate(5) | Effective Swap Dates | ||
A-1 | 3.65% | 4.70% | ||||
A-1 | 3.05% | 4.10% | ||||
A-1 | 3.47% | 4.52% | ||||
Delayed draw | 3.05% | 4.10% | ||||
A-2 | 3.59% | 4.54% |
(1) For the
(2) Interest rate swap announced on
(3) Interest rate swap announced on
(4) Base Interest Rate Swap is the fixing of 1 month SOFR (USD tranches) and 1 month CDOR (CAD tranche) for the Effective Swap Dates.
(5) Contractual Interest Rate is the Base Interest Rate Swap plus Credit Spread (95 basis points, based on Americold’s current credit ratings) plus SOFR Adjustment (10 basis points, for USD tranches only).
Additionally, as previously announced, on
About the Company
Americold is the world’s largest publicly traded REIT focused on the ownership, operation, acquisition and development of temperature-controlled warehouses. Based in
Forward-Looking Statements
This document contains statements about future events and expectations that constitute forward-looking statements. Forward-looking statements are based on our beliefs, assumptions and expectations of our future financial and operating performance and growth plans, taking into account the information currently available to us. These statements are not statements of historical fact. Forward-looking statements involve risks and uncertainties that may cause our actual results to differ materially from the expectations of future results we express or imply in any forward-looking statements, and you should not place undue reliance on such statements. Factors that could contribute to these differences include the following: the impact of supply chain disruptions, including, among others, the impact on labor availability, raw material availability, manufacturing and food production; construction materials and transportation; uncertainties and risks related to public health crises, including the ongoing COVID-19 pandemic; adverse economic or real estate developments in our geographic markets or the temperature-controlled warehouse industry; rising interest rates and inflation in operating costs, including as a result of the COVID-19 pandemic; general economic conditions; labor and power costs; labor shortages; risks associated with the ownership of real estate generally and temperature-controlled warehouses in particular; acquisition risks, including the failure to identify or complete attractive acquisitions or the failure of acquisitions to perform in accordance with projections and to realize anticipated cost savings and revenue improvements; our failure to realize the intended benefits from our recent acquisitions, and including synergies, or disruptions to our plans and operations or unknown or contingent liabilities related to our recent acquisitions; risks related to expansions of existing properties and developments of new properties, including failure to meet targeted completion dates and budgeted or stabilized returns within expected time frames, or at all, in respect thereof; a failure of our information technology systems, systems conversions and integrations, cybersecurity attacks or a breach of our information security systems, networks or processes could cause business disruptions or loss of confidential information; risks related to privacy and data security concerns, and data collection and transfer restrictions and related foreign regulations; defaults or non-renewals of significant customer contracts, including as a result of the ongoing COVID-19 pandemic; uncertainty of revenues, given the nature of our customer contracts; our failure to obtain necessary outside financing; risks related to, or restrictions contained in, our debt financings; decreased storage rates or increased vacancy rates; risks related to current and potential international operations and properties; difficulties in expanding our operations into new markets, including international markets; risks related to the partial ownership of properties, including as a result of our lack of control over such investments and the failure of such entities to perform in accordance with projections; our failure to maintain our status as a REIT; possible environmental liabilities, including costs, fines or penalties that may be incurred due to necessary remediation of contamination of properties presently or previously owned by us; financial market fluctuations; actions by our competitors and their increasing ability to compete with us; changes in applicable governmental regulations and tax legislation, including in the international markets; geopolitical conflicts, such as the ongoing conflict between
Words such as “anticipates,” “believes,” “continues,” “estimates,” “expects,” “goal,” “objectives,” “intends,” “may,” “opportunity,” “plans,” “potential,” “near-term,” “long-term,” “projections,” “assumptions,” “projects,” “guidance,” “forecasts,” “outlook,” “target,” “trends,” “should,” “could,” “would,” “will” and similar expressions are intended to identify such forward-looking statements. Examples of forward-looking statements included in this document include, among others, statements about our plans and expectations regarding refinancing our CMBS debt, use of proceeds and hedging strategies, including entering into interest rate swaps to reduce floating rate debt exposure to historical levels. We qualify any forward-looking statements entirely by these cautionary factors. Other risks, uncertainties and factors, including those discussed under “Risk Factors” in our Annual Report on Form 10-K for the year ended
Contacts:
Investor Relations
Telephone: 678-459-1959
Email: investor.relations@americold.com
Source:
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