LatAm Logistic Properties Executes Secured Credit Agreement for Over US$100 Million

SAN JOSE, Costa Rica, May 11, 2023 /PRNewswire/ -- LatAm Logistic Properties, S.A. ("LLP"), a leading asset manager, developer, and owner of modern logistic real estate in the Andean and Central American regions, is pleased to announce it has closed a US$107.4 million secured credit agreement with Banco Nacional de Costa Rica to refinance some of its existing obligations.

The new secured credit facility is scheduled to mature in April 2048 for a total tenor of 25 years, has a fixed interest rate of 5.9% and 6.1% for the first two years, respectively, and a variable interest rate of 3M SOFR plus 140 basis points thereafter. The proceeds will be used to extinguish existing debt with an average interest rate of 9.3% and remaining term of 10 years.

"We are delighted to announce this important transaction, which is further evidence of the quality of our portfolio of properties and tenants, the excellence of human talent in our organization, and our capacity and commitment to contribute to regional economic development," said Esteban Saldarriaga, CEO of LLP, "We appreciate the support and trust from Banco Nacional to close this landmark transaction."

"This financing, with conditions rarely seen in our markets and reserved only for top issuers, will enhance our liquidity, strengthen and provide flexibility to our balance sheet, and allow us to optimize our capital structure," said Annette Fernandez, CFO of LLP. "This achievement marks a milestone in the Latin American real estate market, particularly during the current interest rate cycle, and reflects LLP's capacity to obtain financing on attractive terms, thanks to its excellent reputation and strong market positioning."

ABOUT LATAM LOGISTIC PROPERTIES

LatAm Logistic Properties is a leading asset manager, developer, and owner of modern logistic estate, with a particular investment focus on high-growth markets and those with significant barriers to entry in the Andean and Central American regions. The company serves multinational and regional clients engaged in outsourced logistics, wholesale or retail distribution, and broader e-commerce. Its strong client relationships and deep understanding of the markets in which it operates provide a solid foundation for the development and acquisition of strategically located, high-quality real estate in gateway markets.

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SOURCE Latam Logistic Properties