Spirit MTA REIT Significantly Enhances Structure with Two Key Financings
SPIRIT MTA REIT (SMTA)
Company Research
Source: Business Wire
- Closes $165 Million Non-Recourse Mortgage Loan -- Issues $50 Million Variable Funding Note - DALLAS--(BUSINESS WIRE)-- Spirit MTA REIT (NYSE:SMTA) (“SMTA” or the “Company”) announced today that the Company has completed two key financings. The Company closed on a $165 million non-recourse mortgage loan, collateralized by 85 assets owned by subsidiaries of the Company and leased to Shopko that are held outside of the Company’s Master Trust. The Company also closed on a $50 million variable funding note, which provides the Company with an additional source of liquidity and allows for more efficient management of the ABS liabilities within its Master Trust. “With the non-recourse Shopko financing, we were able to realize immediate cash value for our Shopko assets, while significantly de-risking our exposure. We believe this financing serves to protect shareholder value by securing a floor
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