Americold refinances logistics operations
Americold Realty Trust, Atlanta, Georgia, USA, has issued $322 million of 10-year debt at an average…Americold Realty Trust, Atlanta, Georgia, USA, has issued $322 million of 10-year debt at an average interest rate of 5.35% a year. It has also increased its revolving credit facility to $100 million, with a view towards expanding and improving its refrigerated operations.
"The completion of this financing is an important step in Americold's efforts to continuously improve customer service and expand our logistics network," said Allison Aden, executive vice president and chief financial officer of Americold. "Our company remains focused on delivering high quality service to our valued customers through a diverse offering of temperature controlled warehouses."
J.P. Morgan acted as the sole structuring agent and lender for the debt transaction and served as administrative agent for the revolving credit facility. Americold has already used a substantial amount of the funds received from the deal to refinance a CMBS Pool maturing in 2014 and will use the additional funds under the revolving credit facility for general business purposes.
Americold is the global leader in temperature-controlled warehousing with the largest network in the United States and properties in Australia, New Zealand, China, Argentina and Canada. Its warehouses are part of the supply chain linking food producers, distributors, and retailers that store products in temperature-controlled warehouses and use related services for frozen and perishable food products.