BSR REIT Announces Accretive Refinancing of Revolving Credit Facility and Extension of Secured Term Loan

Executive Summary

• BSR REIT refinanced its $500 million senior secured revolving credit facility, extending maturity to December 2029 (with optional extension to 2030) and improving pricing (SOFR + 1.30%‑1.90%, removal of global credit spread adjustment).
• The REIT also extended the maturity of its $160 million secured term loan by one year to December 2027, maintaining interest at SOFR + 1.30%.
• Both actions are expected to be accretive to the REIT’s cost of capital and provide greater flexibility in debt‑maturity scheduling.

Key Details

• Revolving Credit Facility – $500 million senior secured facility; original maturity late 2026, now extended four years to December 2029 with a one‑year optional extension to December 2030.
• Interest Terms (Refinanced) – SOFR + 1.30% to 1.90% based on leverage ratios; prior rate was 1.45%‑1.90% plus an additional 0.10% credit spread adjustment at all leverage points. The global credit spread adjustment has been removed.
• Secured Term Loan – $160 million loan encumbering four properties; maturity extended from late 2026 to December 2027. Interest remains SOFR + 1.30%.
• Accretive Impact – CFO Tom Cirbus states the refinancing “will be immediately accretive to the REIT’s cost of capital” and locks in favorable pricing for the term loan tranche.
• No Other Material Amendments – Apart from interest rate adjustments and maturity extensions, no other substantive changes were made to either agreement.
• Documentation – Updated credit agreement will be filed on SEDAR+ (www.sedarplus.ca).

Notable Quotes

“These refinancings are an important development for the REIT,” said Tom Cirbus, BSR’s Chief Financial Officer. “The improved pricing on our Credit Facility will be immediately accretive to the REIT's cost of capital while significantly extending our largest maturity.”