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US: Vintage Wine agrees US$150m credit facility

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Vintage Wine Trust Inc., the only real estate investment trust (REIT) in the US which focuses exclusively on the wine industry, has announced that it has entered into a US$150m term loan facility with a consortium of banks led by Bank of the West.

Vintage Wine said the facility will be used primarily to finance future vineyard and wine-related asset acquisitions and to refinance loans on existing properties.

The credit facility, secured principally by the company's existing vineyards, carries an 11-year term and bears interest at a rate of LIBOR (London interbank offered rate) plus 1.25% to LIBOR plus 1.50% depending on the original lease terms underlying the company's properties.

"This facility strengthens our capital structure by providing us with considerable financial flexibility to execute on our growth strategy of acquiring vineyards and other wine-related assets," said Tamara Fischer, Vintage Wine Trust's chief financial officer. "Along with the US$90m of vineyard properties we have acquired to date, this facility will allow us to fund up to an additional US$310m of wine-related assets, bringing our initial total capacity to US$400m. We are currently in active negotiations to purchase additional properties, and expect to begin drawing on this facility almost immediately."


Sectors: Wine

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