Mobile Infrastructure, a publicly registered, non-listed company which invests primarily in parking lots and garages in the United States, completed a $75 million revolving credit facility with KeyBank to refinance certain of the company’s current secured loans, as well as new acquisitions. The facility also provides for an additional $75 million accordion feature to be used for future acquisitions and working capital needs. The new credit facility matures April 2023, with the ability to extend.
“We are extremely pleased to complete this loan refinancing and to continue to work with KeyBank, who remains a valued partner and provides support to execute on our strategic growth plan,” Manuel Chavez, CEO of Mobile Infrastructure, said. “We are committed to our growth plans, both organically and through acquisitions, ahead of our potential liquidity event.”
“KeyBank has deep REIT and parking industry expertise, and providing us with this facility is a positive endorsement of our continued momentum,” Stephanie Hogue, president and CFO of Mobile Infrastructure, said. “This transaction enhances our financial flexibility, reduces our cost of debt, and helps to further position us for growth. Mobile Infrastructure is committed to operating with strong financial management, and this represents another productive step as we move towards a potential liquidity event.”
Borrowings under the facility bear interest at a SOFR benchmark rate or alternate base rate, plus a margin of between 1.75% and 3.00%, with respect to SOFR loans, or 0.75% to 2.00%, with respect to base rate loans, based on the company’s leverage ratio and pool property debt yield as calculated under the credit agreement.