CIM Commercial Trust Closes $385 Million Seven-Year Unsecured Term Loan

“This loan enables us to maximize our flexibility in extending the average term of our debt maturities, which will help us enhance shareholder value.”

“Obtaining this loan demonstrates the quality of our assets and strong balance sheet as well as the strength of the urban investment platform of our manager, CIM Group,” said Charles E. Garner II, Chief Executive Officer of CIM Commercial Trust. “This loan enables us to maximize our flexibility in extending the average term of our debt maturities, which will help us enhance shareholder value.”

The Company has six months to draw on the term loan facility. Proceeds from the term loan facility may be used for acquisitions, refinancing of existing indebtedness, and other general corporate purposes. The term loan facility matures on May 8, 2022 and will bear interest at a rate per annum equal to, at the Company’s option, the base rate or LIBOR, plus an applicable margin based on the Company’s leverage ratio. The initial interest rate will be a rate per annum equal to LIBOR plus 1.60% based on the Company’s current leverage ratio. The term loan facility ranks pari passu with the Company’s existing $850 million unsecured credit facility.