MCLEAN, Va., Oct. 6, 2015 (GLOBE NEWSWIRE) -- Gladstone Commercial Corporation (NASDAQ:GOOD) (the "Company" or "Gladstone Commercial") announced today that it has expanded its revolving line of credit facility from $75.0 million to $85.0 million and extended the maturity date 1-year through August 2018, with a 1-year extension option through August 2019. The Company also added a $25.0 million 5-year term loan facility, which matures in October 2020. The interest rate on the revolving line of credit was also reduced by 25 basis points at each of the leverage tiers and the interest rate on the term loan facility is 5 basis points less than line of credit facility at each leverage tier. The total maximum commitment under the two facilities was increased from $100.0 million to $150.0 million. The Company also added 3 new lenders to the bank syndicate. The bank group is now comprised of KeyBank, Comerica Bank, Fifth Third Bank, US Bank and Huntington Bank.
"We are excited about continuing our relationship with KeyBank and expanding our relationships with this high quality new syndicate of banks," said Bob Cutlip, President of Gladstone Commercial. "This expansion gives us the ability to increase our portfolio and position us well for continued growth over the next few years."
About Gladstone Commercial Corporation (NASDAQ:GOOD)
Gladstone Commercial is a real estate investment trust focused on acquiring, owning and operating net leased industrial and office properties across the United States. Gladstone Commercial's real estate portfolio consists of 101 properties located in 24 states, totaling approximately 11.1 million square feet. For additional information please visit www.gladstonecommercial.com.
| For Broker Submittals: | |
| Midwest/Northeast: | West: |
| Matt Tucker | Andrew White |
| Managing Director | Managing Director |
| (703) 287-5830 | (310) 953-4960 |
| Matt.Tucker@gladstonecompanies.com | Andrew.White@gladstonecompanies.com |
| South/Southwest: | Tennessee/Kentucky: |
| Buzz Cooper | Brandon Flickinger |
| Senior Managing Director | Director |
| (703) 287-5815 | (703) 287-5819 |
| Buzz.Cooper@gladstonecompanies.com | Brandon.Flickinger@gladstonecompanies.com |
| Investor or Media Inquiries: | |
| Bob Cutlip | |
| President – Gladstone Commercial Corporation | |
| (703) 287-5878 | |
| Bob.Cutlip@gladstonecompanies.com | |
All statements contained in this press release, other than historical facts, may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates" and variations of these words and similar expressions are intended to identify forward-looking statements. Readers should not rely upon forward-looking statements because the matters they describe are subject to known and unknown risks and uncertainties that could cause the Company's business, financial condition, liquidity, results of operations, funds from operations or prospects to differ materially from those expressed in or implied by such statements. Such risks and uncertainties are disclosed under the caption "Risk Factors" of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2014, as filed with the SEC on February 18, 2015 and the Company's Form 10-Q for the quarter ended June 30, 2015, as filed with the SEC on August 3, 2015. The Company cautions readers not to place undue reliance on any such forward-looking statements which speak only as of the date made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
For Investor Relations inquiries related to any of the monthly dividend paying Gladstone funds, please visit www.gladstone.com.