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Radius Global Infrastructure Completes Debt Refinancing
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BALA CYNWYD, Pa.--(BUSINESS WIRE)--
Radius Global Infrastructure, Inc. (NASDAQ: RADI) (“Radius” or the “Company”) announced today that AP WIP Holdings, LLC, a Radius subsidiary, has entered into a subscription agreement with a multinational finance and insurance company, providing for a loan of up to $165 million (the “Facility”). Radius will use the proceeds of this new facility to repay all its outstanding obligations under an existing credit facility secured by the Company’s domestic ground lease assets, which was scheduled to mature in 2023. Radius expects to use the remaining capital for the continued acquisition of ground lease assets as well as for general working capital purposes. The fixed rate coupon under the Facility is 3.64% per annum, with a scheduled maturity of five years from the closing date of April 21, 2022, compared to a cash pay interest rate of 4.25% under the previous credit facility. Concurrent with the closing of the transaction, the Company received an ‘A’ rating from Fitch for the facility, which has a leverage cap of 9.75x eligible annual cash flow.
About the Company
Radius Global Infrastructure, Inc., through its various subsidiaries, is a multinational owner and acquiror of triple net rental streams and real properties leased to wireless operators, wired operators, wireless tower companies, and other digital infrastructure operators as part of their infrastructure required to deliver a wide range of services.
radius global infrastructure, inc., through its subsidiary, ap wireless, engages in the ownership and leasing of various triple-net ground, rooftop, and other critical communications properties for wireless carriers and tower companies underlying their mission critical cell site antenna infrastructure. as of june 30, 2020, it had interests in approximately 6,600 leases that were situated on approximately 5,000 communications sites located in the united states and 18 other countries. the company, formerly known as digital landscape group, inc., is based in new york, new york.
