GREAT NECK, N.Y., Nov. 09, 2022 (GLOBE NEWSWIRE) — One Liberty Properties, Inc. (NYSE:OLP) entered into an amendment to its $100 million credit facility which extends the facility through December 2026, increases the amount available to be borrowed for renovation and operating expense purposes to the lesser of $40 million and 40% of the borrowing base, provides that the interest rate will be based on 30-day SOFR and requires compliance with certain amended and additional covenants. Net proceeds received from the sale, financing or refinancing of properties are generally required to be used to repay amounts outstanding under the facility.
Patrick J. Callan, Jr., President and Chief Executive Officer at One Liberty Properties, Inc., stated, “The increased financial flexibility of our credit facility further ensures that we are well-positioned to effectively navigate the challenging macro-economic environment and to take advantage of potential opportunities that could emerge. We remain committed to maintaining a strong balance sheet that supports our efforts to maximize long-term stockholder value.”
The financing is led by Manufacturers and Traders Trust Company and an affiliate of Valley National Bank.
About One Liberty Properties, Inc.:
One Liberty is a self-administered and self-managed real estate investment trust incorporated in Maryland in 1982. The Company acquires, owns and manages a geographically diversified portfolio consisting primarily of industrial and retail properties. Many of these properties are subject to long term net leases under which the tenant is typically responsible for the property’s real estate taxes, insurance and ordinary maintenance and repairs.
