Ravelin Properties REIT's Syndicate of Secured Lenders Assigns Credit Agreement to G2S2 Capital

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Ravelin Properties REIT's Syndicate of Secured Lenders Assigns Credit Agreement to G2S2 Capital

, MT Newswires - 7:51 AM ET 3/31/2025 default

07:51 AM EDT, 03/31/2025 (MT Newswires) -- Ravelin Properties REIT (RPR-UN.TO), previously Slate Office REIT (SOT-UN.TO), over the weekend said that the secured lenders party to its second amended and restated credit agreement dated Nov. 14, 2023, have completed a sale and assignment of all indebtedness and obligations under the syndicated credit agreement to G2S2 Capital, in the amount of $233.0 million and US$43.7 million.

G2S2 Capital is a major unitholder of Ravelin.

The company said Royal Bank of Canada is expected to complete a sale of all the indebtedness and obligations under certain bilateral loan agreements to G2S2 on Monday in the aggregate principal amount of $295.5 million.

A statement noted: "In connection with providing consent to the sale and assignment, an independent committee of trustees of the REIT sought and obtained a six-month forbearance from G2S2 to allow the REIT additional time to negotiate the terms of a recapitalization plan."

Shares of the company closed down 3.4% to $0.56 on Friday on the Toronto Stock Exchange.

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