Centerspace improves and extends credit line; Repayment of bank loans

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MINNEAPOLIS, September 30, 2021 / PRNewswire / – Centerspace (NYSE: CSR) announced today that it has changed and expanded its existing one $ 250 million revolving credit facility. The new facility includes an accordion function for up to $ 400 million and matures in September 2025 with two optional six-month extensions. In addition to the new line of credit, the existing bank loans in the amount of $ 145 million were repaid in full with the proceeds from the issue of $ 125 million in unsecured senior notes as well as the additional proceeds from the KMS portfolio refinancing.

Bank of Montreal served as the administrative agent for the extension of the credit facility with BMO Capital Markets Corp., BofA Securities, Inc. and PNC Capital Markets, LLC as, Joint Lead Arrangers and Joint Book Runners.

“This revision completes a number of funding activities this quarter that significantly reduce our average cost of borrowing and extend our average maturity,” said Mark O. Decker Jr., President and CEO. “The completed financing activities have reduced our weighted average interest rate of 3.70% at the end of the year June 30, 2021, to 3.35% and our weighted average maturity of 4.9 years at June 30, 2021 up to 7.6 years. We are grateful for the work our bank group has done to help Centerspace achieve more financial flexibility. These measures improve our competitiveness in today’s environment. ”

About Centerspace
Centerspace is a community owner and operator who are committed to providing great housing by focusing on integrity and serving others. The company, which was founded in 1970, currently has 79 shared apartments with 14,275 apartments in Colorado, Minnesota, Montana, Nebraska, North Dakota, and South Dakota. Centerspace was created by the. awarded as Top Workplace 2021 Minneapolis Star Tribune. For more information, please visit www.centerspacehomes.com.

If you would like more information on this subject, please contact Emily Miller, Investor Relations, at (701) 837-7104 or [email protected].

SOURCE Centerspace

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