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Safehold (SAFE) just unveiled an update.
Safehold GL Holdings LLC secured a $2 billion unsecured revolving loan facility with JPMorgan Chase and other financial institutions, aimed at bolstering working capital and general corporate needs until May 2029, with options to extend and expand the credit line. The agreement, backed by Safehold Inc. with a guaranty, includes flexible interest rates tied to the adjusted SOFR rate or base rate, influenced by the borrower’s credit rating. It enforces financial covenants on EBITDA ratios and asset-to-debt ratios, limits certain financial activities, and replaces previous credit agreements, consolidating debt and streamlining the company’s financial structures.
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