MEXICO CITY--(BUSINESS WIRE)--Terrafina (“TERRA”) (BMV: TERRA13), a leading Mexican industrial real estate investment trust (“FIBRA”), externally advised by PGIM Real Estate and dedicated to the acquisition, development, lease and management of industrial real estate properties in Mexico, today announced the successful renegotiation of terms and conditions for its revolving credit facility.
The main changes for the syndicated credit facility include: 1) the extension of the maturity date to 2023 – a four-year maturity with the option to extend one additional year; 2) a 20-basis point interest rate reduction, from LIBOR plus 265 basis points to LIBOR plus 245 basis points; and 3) an adjustment in the credit line amount from US$375 million to US$300 million, with the option to increase that amount to up to US$400 million.
“We are pleased to have reached these renegotiated revolving credit facility terms, which are in line with our strategy of strengthening the Company’s financial position. This renegotiation improves our average maturity profile, with added flexibility to continue managing Terrafina’s business plan,” stated Carlos Gomez, Terrafina’s Chief Financial Officer.
Terrafina (BMV:TERRA13) is a Mexican real estate investment trust formed primarily to acquire, develop, lease and manage industrial real estate properties in Mexico. Terrafina’s portfolio consists of attractive, strategically located warehouses and other light manufacturing properties throughout the Central, Bajio and Northern regions of Mexico. It is internally managed by highly-qualified industry specialists and externally advised by PGIM Real Estate.
Terrafina owns 280 real estate properties, including 268 developed industrial facilities with a collective GLA of approximately 37.8 million square feet and 12 land reserve parcels, designed to preserve the organic growth capability of the portfolio.
Terrafina’s objective is to provide attractive risk-adjusted returns for the holders of its certificates through stable distributions and capital appreciations. Terrafina aims to achieve this objective through a successful performance of its industrial real estate and complementary properties, strategic acquisitions, access to a high level of institutional support, and to its management and corporate governance structure. For more information, please visit www.terrafina.mx
PGIM Real Estate
PGIM Real Estate is the real estate investment business of PGIM Inc., the global investment management business of Prudential Financial, Inc. (NYSE: PRU). Redefining the real estate investing landscape since 1970, PGIM Real Estate has professionals in 18 cities in the Americas, Europe and Asia Pacific with deep local knowledge and expertise, and gross assets under management of US$69.0 billion (US$50.5 billion net) as of September 30, 2017. PGIM Real Estate’s tenured team offers to its global client base a broad range of real estate equity, debt, and securities investment strategies that span the risk/return spectrum. For more information, visit www.pgimrealestate.com
About Prudential Financial, Inc.
Prudential Financial, Inc. (NYSE:PRU), a financial services leader with more than US$1.3 trillion of assets under management as of December 31, 2017, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit www.news.prudential.com
Forward Looking Statements
This document may include forward-looking statements that may imply risks and uncertainties. Terms such as "estimate", "project", "plan", "believe", "expect", "anticipate", "intend", and other similar expressions could be construed as previsions or estimates. Terrafina warns readers that declarations and estimates mentioned in this document, or realized by Terrafina’s management imply risks and uncertainties that could change in function of various factors that are out of Terrafina’s control. Future expectations reflect Terrafina’s judgment at the date of this document. Terrafina reserves the right or obligation to update the information contained in this document or derived from this document. Past or present performance is not an indicator to anticipate future performance.